Coin Dogecoin DOGE/USD experienced a substantial increase in trading volume, indicating a potential significant price rise.
What happened: Data from CoinGlass show that Dogecoin trading volume soared 76.71%.
This surge is supported by considerable whale activity, including a recent transfer of $120 million in DOGE to an unidentified wallet.
Throughout November, Dogecoin price showed a remarkable growth of 150%, with monthly returns reaching 167%.
Also read: Dogecoin whales move $214.5 million in a single day, sparking speculation
Earlier in November, a crypto trader Pierre Brandt offered his views on the future of Dogecoin, suggesting that the cryptocurrency’s chart is displaying an inverted head-and-shoulders pattern, which could signal a return to its all-time high near $0.73.
Brandt further observed that Dogecoin could form an “ascending flag,” a technical pattern often associated with continuing trends. If this trend materializes, it could suggest a price target of around $0.66, consistent with current bullish momentum.
Recently, Dogecoin demonstrated significant bullish momentum, highlighted by a golden cross – a technical pattern where the 50-day moving average exceeds the 200-day moving average.
This trend generally indicates strong upward trends and has often been the precursor to significant price increases. Dogecoin price surged, breaking through the resistance levels at $0.22 and $0.30, with increasing trading volumes further confirming this momentum.
Why it matters: Dogecoin’s recent increase in trading volume and associated bullish momentum are significant indicators of potential future price rises.
The implication of significant whale activity and the formation of technical patterns such as Inverted Head and Shoulders and Upward Tilted Flag further strengthen the likelihood of a price rise.
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