Dogecoin, one of the biggest crypto gainers this month, posted a 76.71% increase in trading volume, according to CoinGlass. data.
Dogecoin’s momentum is supported by massive whale activity. Recently, Whale Alert reported a $120 million DOGE transfer to an unknown wallet.
DOGE price posted a remarkable 150% growth in November. DOGE monthly returns reached 167% this month.
Dogecoin Price Prediction
Seasoned trader Brandt recently common his views on the future of DOGE price.
According to Brandt, Dogecoin’s chart shows an inverted head-and-shoulders pattern, which could mean it is returning to its all-time high near $0.73.
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DOGE price could also form a “rising flag,” a technical pattern often associated with continuing trends. If the flag is hit, it could mean a price target of around $0.66, which would match the current bullish momentum.
Dogecoin (DOGE) has seen significant bullish momentum recently, highlighted by a golden cross – a technical pattern where the 50-day moving average exceeds the 200-day moving average.
Historically, this formation signals strong upward trends and has often preceded significant price increases. DOGE price surged, breaking through the resistance levels at $0.22 and $0.30, with rising trading volumes further confirming this momentum.
Peter Brandt highlighted DOGE’s adherence to classic charting principles. He pointed out a similarity between the current price action and a trend seen in 2020, where a sideways accumulation phase evolved into an inverse head and shoulders formation.
This same pattern in 2024 contributed to DOGE’s massive 190% rally. Brandt’s analysis highlights the technical strength behind Dogecoin’s recent performance, suggesting the potential for sustained uptrends.