The Dogecoin price was trading at $0.1549 as of 4:00 am EST, up 14% over the last 24 hours. The leading memecoin is up 71% over the last 30 days and 150% over the past half a year.
Accompanying DOGE’s performance is an 11% leap in its trading volume to $3.08 billion. With a market capitalization of $22.37 billion, Dogecoin cements 9th position among the top 10 cryptocurrencies by market value, according to CoinMarketCap.
The performance in Dogecoin’s price comes after Coinbase derivatives announced its plans to start futures trading for the top dog-themed memecoin alongside Litecoin (LTC) and Bitcoin Cash (BCH).
This was revealed in a March 7 letter to the Commodities Futures Trading Commission (CFTC), where the U.S.-based crypto exchange announced its intention to launch monthly cash-settled futures contracts for DOGE, LTC and BCH. These communications, directed to CFTC Secretary Christopher Kirkpatrick, detailed the proposed contracts’ sizes, settlement methods (leveraging a benchmark rate by Market Vector), and structure.
Dogecoin bulls seek a return to $0.20
At the time of writing, DOGE was fighting resistance from the $0.16 psychological level. A daily candlestick close above this level would see the memecoin rise first toward $0.18 psychological level, and later to the range high at $0.2067.
Such a move would represent a 24% uptick from the current level. This could be where the upside is capped for DOGE.
DOGE/USD daily chart. Source: TradingView
Supporting this positive outlook is the fact that Dogecoin had broken above the descending trendline, suggesting the ability of the bulls to push the price higher. In addition, the relative strength index (RSI) was positioned at 54 above the midline, suggesting that the market conditions still favored the upside.
On the downside, a daily candlestick close below the descending trendline could mean that the buyers are unable to sustain the highest levels. The support level at $0.14 and the $0.11 demand zone are key to watch on the downside.
In highly bearish circumstances, the Dogecoin price may sink further to seek solace from the $0.082 support floor. This would bring the total losses to 46%.