As an analyst with years of experience in the cryptocurrency market, I have seen my fair share of bull and bear markets, and I must say that the current state of Dogecoin (DOGE) is quite intriguing. While its price may not have shown dramatic movements over the past two weeks, the recent increase in large-scale transactions and futures interest suggests a potential breakout is imminent.
Over the last fortnight, Dogecoin (DOGE) price has shown robustness, with a narrow trading band of $0.34 to $0.46 since November 12th. This popular meme coin remains the sixth most actively traded asset, bypassing many others in terms of 24-hour volumes (excluding USDT), thus maintaining its overall market appeal.
As the technical analysis of DOGE becomes increasingly optimistic on the charts, several analysts anticipate that the original meme coin may soon burst through to new heights.
DOGE transactions in the $100,000 to $1 million range surge
Over the last fortnight, Dogecoin prices have been fluctuating rather than moving significantly up or down. However, large transactions worth over $100,000 and $1 million have noticeably grown during the past few days. According to Santiment’s data, these substantial transactions have collectively amassed approximately 240 million Dogecoins in December.
This accumulation trends could be a trigger for the next leg of a DOGE price rally.
Just like other investors, futures traders are keeping a close eye on Dogecoin’s price fluctuations as well. On November 24th, its open interest peaked at an unprecedented high of $4.05 billion. Although it has decreased slightly to $3.48 billion since then, the level of engagement with Dogecoin remains at record-breaking levels.
Dogecoin could pull a “god candle”
In addition to off-chain data, Dogecoin’s medium and long-term graphs show promising configurations that have attracted numerous analysts. Specifically, Mikybull, an independent analyst, has noticed the emergence of a rising wedge pattern, which aligns positively with the on-balance volume indicator, hinting at potential bullishness.
The trader saw this as a potential opportunity and said,
“$DOGE is about to pull another god candle to $1.”
In much the same way, Trader Tardigrade emphasized a recurring pattern observed in past bull markets. His analysis suggested that the graph shows a double-bottom formation towards the conclusion of the preceding phase, which is then followed by a surge beyond the upper resistance trendline.
After verifying a bullish closing point, Dogecoin‘s price has frequently experienced a steep upward surge, reminiscent of a parabolic trajectory. This bullish confirmation occurred above its existing trendline in November, as depicted in the graph, suggesting the potential for another robust increase.
According to Elliot’s wave theory, Altstreet Bets, an unidentified altcoin trader, anticipates a potential increase of about 60% towards $0.68 to $0.72 within the coming days, expressing confidence that “Dogecoin (DOGE) is poised for another surge.
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2024-12-04 21:15