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- Analysts predict Dogecoin could see a 404% surge, reaching $0.6533, driven by bullish technical indicators and patterns.
- Increased trading volume and key buy signals suggest Dogecoin may be preparing for a major price breakout in the near future.
Dogecoin [DOGE] has shown promising signs of a potential major price increase, with a significant upward trend and bullish technical indicators.
At press time, Dogecoin traded at $0.1264, indicating a 3.36% increase in the past 24 hours, with a market cap of $18.32 billion, making it the ninth largest crypto. Trading volume has also surged by 34.81% to $407.29 million, ranking 15th among cryptos.
Analyst predictions and technical indicators
Crypto analysts have weighed in on Dogecoin’s future price movements, providing a positive outlook. Javon Marks, an analyst on X, stated,
“$DOGE (Dogecoin) and its next leg up towards the current breakout target @ $0.6533 may be a matter of time and prices could be preparing here for a break above!”
According to Marks, a price breakout could result in a 404% increase to reach this target.
Similarly, pseudonymous cryptocurrency analyst Ali has noted that the TD (Tom Demark) Sequential indicator presents a key buy signal on Dogecoin’s three-day chart.
Moreover, crypto analyst Big Mike (@Michael_EWpro) has conducted a technical analysis.
According to Mike, the three-day chart for Dogecoin on Binance exhibits a complex structure that aligns with Elliott Wave theory. This analysis indicates the end of a corrective phase and the beginning of a potential strong bullish trend.
Concurrently, as of the time of writing, the Relative Strength Index (RSI) was at 56.70, approaching overbought levels but still in the neutral zone.
This suggests that there may be room for further upside but also warns of potential resistance soon. The MACD line is above the signal line, indicating bullish momentum.
A break above the $0.12718 resistance could push the price towards the next target of $0.14500. However, failure to sustain above this level might result in a pullback to the support zone around $0.12054.
Transaction Volume Analysis
According to IntoTheBlock, transaction volume analysis further supports the bullish outlook for Dogecoin.
The chart illustrating Dogecoin’s transaction volume in USD by different size categories shows an increase in large transactions (>$10M) during the 2021 price surge.
This period saw the most substantial transaction volumes across all categories, highlighting heightened market activity and speculation.
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Since then, transaction volumes have declined and stabilized at lower levels, indicating a reduction in large-scale trading as the price has settled around $0.10 to $0.20.
However, the recent increase in trading volume suggests renewed interest and activity in Dogecoin.