Dogecoin price skyrocketed more than 16% in a single day amid a massive broader crypto market rebound. While the U.S.-Iran war continues, the latest macro data points to growing economic resilience.
Broader Crypto Market Rebound Triggers Dogecoin Price Rally
Bitcoin and major altcoins bounced back strongly, creating a risk-on environment that benefits meme coins like Dogecoin. As Bitcoin extends gains by another 8%, multiple crypto assets recorded inflows, causing Dogecoin price to rally in the past 24 hours.
As CoinGape reported, Bitcoin price bounced as US services sector growth activity rose to a 3-year high and the US private sector added more jobs than expected.
DOGE saw massive trading volume of more than 100% as investors, derivatives traders, and whales bought the dip amid renewed positive sentiment. Notably, derivatives markets recorded massive buying, with DOGE futures open interest up 4% to $1.09 billion in the last 24 hours.
Elon Musk’s X Money Beta Launch
Elon Musk’s X platform launched X Money beta access through Star Trek actor William Shatner. He gave 42 invites to users who donated to his charity.
The X Money payment service developments mark Elon Musk’s long-term vision to enter the fintech sector after securing money transmitter licenses across the United States. X Money will compete directly with PayPal, Venmo, and Cash App in the peer-to-peer payment space.
The Dogecoin community reacted as Dogecoin-fan and DOGE holder Elon Musk had earlier hinted at integrating DOGE on X Money payments service. This has triggered a massive rise in Dogecoin price.
Dogecoin Price Rise on Technical Breakout
Santiment said “When conversations around altseason hit rock bottom, that’s when large capital holders begin to typically pump the price. Dogecoin price jumped after social volume toward altcoin season interest hit bottom.
Santiment noted that the DOGE pump began just after the crowd went historically bearish on altcoins. “It’s wise to be a contrarian to the echo chamber that is crypto social media,” it added.
Dogecoin price chart saw a technical breakout in lower timeframes. In the hourly timeframe, a breakout above the descending trendline triggered massive buying. DOGE saw multiple higher lows alongside the upper Bollinger bands, triggering a bullish DOGE outlook to $0.015.
Traders buy the dip as the price jumps above the 50- and 200-hourly moving averages. Dogecoin price pulled back from a 24-hour high of $0.104 to $0.0956 as Bollinger bands showed market volatility subsiding.
