The price of Dogecoin (DOGE) has remained stable over the past two weeks, fluctuating between $0.34 and $0.46 since November 12. The cryptocurrency is currently the sixth most traded asset in the past 24 hours (excluding USDT), continuing to attract significant interest from the market.
With increasingly favorable technical indicators, many analysts believe that this meme coin is approaching a major breakout.
DOGE Transactions Between $100,000 and $1 Million Surge
While the price of DOGE has remained flat over the past two weeks, large transactions worth between $100,000 and $1 million have been increasing in recent days. According to data from Santiment, addresses making transactions above $100,000 and $1 million accumulated a total of more than 240 million DOGE in December.
This accumulation trend could be the catalyst that triggers the next bull run for DOGE.
Futures traders also remain focused on DOGE’s volatility. DOGE’s open interest (OI) hit an all-time high of $4.05 billion on November 24. Although OI has now dropped to $3.48 billion, participation remains at an all-time high.
Does Dogecoin Create “Magic Candles”?
In addition to looking at on-chain data, Dogecoin’s mid- and long-term charts are also showing positive signs, which has attracted great attention from many analysts. Mikybull, an independent analyst, pointed out that there is a rising wedge pattern, which creates a bullish signal for the price through the On balance volume (OBV) indicator.
This analyst commented:
“DOGE is about to make a ‘magic candle’ to $1”.
Similarly, Trader Tardigrade also highlights a historical pattern that has repeated itself in previous bull cycles. The chart shows that price often forms a double bottom pattern before breaking through the upper resistance line.
Once the breakout is confirmed, DOGE typically goes on a parabolic rally. In November, DOGE confirmed this bullish signal, opening the door for a further strong rally.
Based on Elliott wave theory, Altstreet Bets – an anonymous analyst – predicts a 60% profit with DOGE price reaching around $0.68 to $0.72 in the next few days. The analyst asserts:
“DOGE is ready to run again”.
This article is for informational purposes only and does not constitute investment advice. We encourage investors to conduct their own careful and comprehensive research before making any investment decisions. Please note that we are not responsible for any investment decisions you make.
