As Cointelegraph reported, Dogecoin (DOGE) has risen more than 10% in the past 24 hours and is currently trading at $0.1262, up 44% since the low of $0.08888 on September 6. DOGE's spot trading volume reached $1.8 billion on October 16, up 95% from the previous day and 165% over the past seven days. Its market value has re-surmounted $18 billion, consolidating its position as the world's largest meme coin.
Several cryptocurrency traders expect DOGE to continue to rise. Technical analyst Mikybull Crypto pointed out that DOGE price broke through the 180-day descending trendline, $0.13 and $0.14 are key resistance levels. DOGE's latest rise has allowed it to break through key support levels including the 50-week and 100-week simple moving averages. Futures traders are skeptical of a quick rebound, and $587,344 of short positions will be at risk if the price rises back to $0.130. DOGE's open interest (OI) rose to $755.5 million on October 16, up 27.3% from the previous day. CoinGlass data shows that DOGE's perpetual futures funding rate has risen, indicating that the market's bullish sentiment continues.
