Dogecoin was the only asset among the top 20 digital assets to record a notable increase in 24-hour trading volume, with turnover up 92.7% on the day. Almost every other major cryptocurrency saw activity decline, and Bitcoin’s volume fell by more than 55%. Derivatives positioning leans bullish, yet Dogecoin’s longer-term moving averages still trend downward.
Dogecoin saw a 92.7% increase in trading volume over the course of the day, making it the only asset among the top 20 digital assets to record a notable increase in 24-hour activity. The jump points to renewed trader interest despite comparatively muted price action, while almost all of the major cryptocurrencies saw activity fall.
Volumes fall across the majors
Ethereum, Solana, XRP and BNB all recorded declines ranging from about 35% to over 45%, while Bitcoin’s trading volume fell by more than 55% over the previous day. Dogecoin moved in the opposite direction and became the obvious anomaly among large-cap cryptocurrencies as its daily volume increased to about $1.55 billion.
Price reclaims the 50-day average
The price chart shows Dogecoin spent several weeks consolidating close to the $0.07 support area before the abrupt spike in activity. Buyers then intervened in the most recent session, raising the token by nearly 6% and enabling it to return to the 50-day moving average. That move breaks a pattern of stagnant trading that had dominated July, though it is comparatively small next to earlier Dogecoin rallies.
Longs outnumber shorts on Binance and OKX
Open interest has risen by more than 4% over the last 24 hours but has remained relatively stable over the last hour, suggesting that new positions are entering the market rather than just being rearranged. Long-to-short ratios on Binance and OKX show more long accounts than short ones, which continues to favor bullish positioning.
Futures flow data indicates positive net inflows over the 4-, 8- and 12-hour time frames, pointing to a progressive increase in optimism among derivatives traders. Spot flows are still inconsistent, which suggests leveraged participants are currently more convicted than spot buyers.
Technical obstacles remain, however. The 100-day and 200-day moving averages continue to trend downward, evidence that the general market structure is still bearish.
Source: U.Today
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