Dogecoin (DOGE), the cryptocurrency inspired by memes, has exhibited a considerable volume gap on the trading charts, as reported by market analysts.
Originally conceived as a joke, Dogecoin has garnered a substantial following and is now drawing attention due to a noticeable difference in trading volumes at various price levels, referred to as a “volume gap.”
This technical observation has piqued the interest of both traders and analysts, as it may suggest potential price movements for the cryptocurrency.
Comprehending the concept of a volume gap.
In the realm of asset trading, a volume gap denotes a specific range on a price chart characterized by significantly lower trading volume compared to other regions.
This phenomenon is frequently evident in a volume profile, represented as a histogram on the Y-axis of a chart, illustrating the extent of trading activity across a defined price range.
Examining the Dogecoin chart, the volume gap is conspicuously featured as a broad, low-volume zone emphasized on the volume profile. This indicates limited trading activity within that particular price range, potentially resulting in heightened volatility as prices swiftly navigate through these levels, lacking historical trading support or resistance.
The present performance of Dogecoin’s price.
Regarding the current market situation of Dogecoin, it is currently trading at $0.08248, fluctuating within a 24-hour range of $0.08064 to $0.08331.
Based on CoinGecko data, the market capitalization is approximately $11.8 billion. The 24-hour trading volume for Dogecoin is reported to be over $311 million, and the circulating supply exceeds 143 billion DOGE.