Dogecoin Trading Volume Skyrockets 76%, Indicating Potential Major Price Upswing

Meme coin Dogecoin DOGE/USD has witnessed a substantial increase in trading volume, indicating a potential major price upswing.

What Happened: Data from CoinGlass show that Dogecoin’s trading volume has soared by 76.71%.

This surge in momentum is supported by considerable whale activity, including a recent transfer of $120 million DOGE to an unidentified wallet.

🚨 🚨 🚨 🚨 🚨 300,000,000 #DOGE (121,375,564 USD) transferred from unknown wallet to unknown wallethttps://t.co/RwNlh59LhY

— Whale Alert (@whale_alert) November 29, 2024

Throughout November, Dogecoin’s price has shown remarkable growth of 150%, with monthly returns hitting 167%.

Also Read: Dogecoin Whales Move $214.5M In A Single Day, Sparking Speculation

Earlier in November, crypto trader Peter Brandt offered his perspective on Dogecoin’s future, suggesting that the cryptocurrency’s chart displays an inverted head-and-shoulders pattern, which could signal a return to its all-time high of nearly $0.73.

DOGE $DOGE has been an outstanding charting market following classical charting principles
I am going to follow up in a few hours with a comparison chart that will blow your mind (as long as I remember to do so at age 78) pic.twitter.com/xKuLflPgea

— Peter Brandt (@PeterLBrandt) November 13, 2024

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Brandt further observed that Dogecoin might be forming an “upsloping flag,” a technical pattern often associated with continuation trends. If this pattern materializes, it could suggest a price target of approximately $0.66, in line with the current bullish momentum.

Recently, Dogecoin has demonstrated significant bullish momentum, highlighted by a golden cross — a technical pattern where the 50-day moving average crosses above the 200-day moving average.

This pattern typically indicates strong upward trends and has frequently been a precursor to major price rallies. Dogecoin’s price has surged, breaking through resistance levels at $0.22 and $0.30, with the growing trading volumes further substantiating this momentum.

Why It Matters: The recent surge in Dogecoin’s trading volume and the associated bullish momentum are significant indicators of potential future price rallies.

The involvement of substantial whale activity and the formation of technical patterns such as the inverted head-and-shoulders and the upsloping flag further strengthen the likelihood of a price upswing.

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