Dogecoin's Thin Trading Volume Masks Larger Market Trends
Dogecoin currently trades at $0.0929, with a 24-hour gain of 0.01 percent and a weekly loss of 2.86 percent. Over the month, the price has risen by 6.37 percent, while the all-time high of $0.7316 is 87.3 percent above the current price.
The 200-day moving average, which smooths out daily noise, currently sits at $0.0878. This is because the high prices from the spring, when Dogecoin traded above $0.11, are dropping out of the calculation window. As a result, the average price level is being pulled down, regardless of current market conditions.
On October 4, trading volume was $381 million, which is a little over 39 percent of the monthly average. This thin turnover can make smaller orders more impactful, while also making breakouts less durable. As a result, investors are advised to place limit orders rather than market orders on days with low trading activity.