Despite the market flurry, Dogecoin (DOGE) has witnessed some favorable movement recently. At that time when the bulk of the cryptocurrency market was experiencing pricing difficulties, the meme currency was able to see profits of more than 2.5%.

Even if DOGE is now trading at a strong short-term level, 0.1 USD is still the benchmark for the digital currency.

 Dogecoin is gaining traction

Dogecoin  saw a price surge that brought the digital asset just beyond the $0.099 mark. Although the increasing momentum suggests that it may be able to sustain it for a lot longer, DOGE has now been trending along this line for the most of the morning.

The trade volume of DOGE had also increased around this time, reaching a 24-hour peak of more over 600 million USD. This demonstrated the source of the price increase as well. The amount of trade increased by 48%, mostly as a result of whale transactions.

The market has continued to accumulate the digital currency as it anxiously anticipates the outcome of Elon Musk’s sensational purchase (Twitter). The meme coin’s market valuation was also boosted up to $12 billion, allowing it to maintain its ranking as the 8th-biggest crypto by market valuation.

Can Dogecoin Reach to 0.1 USD?

The price prognosis for cryptocurrencies, including Dogecoin, has been modified in light of the bear market. Instead, $0.1, where the bears are still putting up stiff opposition, has been established as the level to overcome for DOGE.

This pushes DOGE one step closer to hitting this crucial level, making its rebound above 0.09 USD all the more crucial.

DOGE would be easily above its 50-day rolling average if it were to effectively break over 0.1 USD, which is the current price. Naturally, this would signal a bullish trend for the cryptocurrency, even if it were just temporary, and the following important threshold would be over 0.12 USD.

At the time of writing, Dogecoin is valued at $0.092 per share. Despite being in the green on the hourly charts, the meme currency has dropped more than 10% during the previous week.