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Timothy St. John•Monday, May 13, 2024•2 min read
The cryptocurrency market is growing a little healthier today, with several major coins seeing gains for Monday morning. One of the biggest gainers in Dogecoin (DOGE), up 6.37% for the day.
![Dogecoin (DOGE/USD) Breaks Above the Key Support. What Next?](https://fxlmwpmedia.s3.amazonaws.com/wp-content/uploads/2022/01/13114956/FX-Article-3-2-1-300x171.png)
Dogecoin is also experiencing a massive increase in trade volume, indicating incredible interest in the coin right now. That trade volume is up 110% at the moment, which could create a lot of momentum for the token and push it much higher than its current level.
Dogecoin has gained 111% for the year, but most of those gains were on the front end. Over the last month, the cryptocurrency market slowed down considerably as Bitcoin’s halving failed to make any waves. Dogecoin has lost 12% over the last 30 days, with most of its gains in recent weeks happening this week.
Dogecoin is now at $0.1522 and gaining, and investors might be interested to know why.
Dogecoin’s Vital Support Level
Because Dogecoin has dropped so low recently, it has fallen to a key support level. This is where the price is so diminished that it makes sense for investors to put a lot of money into it on the expectation that this proven cryptocurrency token will regain at least some of its lost ground in the near future.
If Dogecoin were a smaller coin with less prestige and visibility, then it would be very risky to invest when the price is so low. But Dogecoin has been a major contender on the crypto market for years now, and it is likely that the price will turn around in the next few weeks.
Now that Dogecoin has fallen to that key support level, just below $0.150, it has started to surge upward. This may be short lived, but the massive 6.37% gain is newsworthy and is one of the biggest gains we have seen on the crypto market today. Not only that, but it is also one of the largest gains of any top-tier crypto coin over the past few weeks.
Timothy St. John
Financial Writer – European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources – Business.com, and numerous others. Timothy’s expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.