Dogecoin (DOGE) Skyrockets 76% in Volume: Something Big Coming?

Dogecoin's Surge: Whale Activity and Technical Analysis

Cover image via U.Today

Dogecoin, a prominent performer in the crypto market, has exhibited a remarkable 76.71% surge in trading volume, as reported by CoinGlass. This momentum is fueled by significant whale activity, as evidenced by Whale Alert's recent report on a $120 million DOGE transfer.

Dogecoin's Technical Outlook

The DOGE price has seen an impressive 150% growth in November, with monthly returns reaching 167%. Veteran trader Peter Brandt has shared his insights on Dogecoin's future trajectory.

Brandt observed an inverted head-and-shoulders pattern on Dogecoin's chart, indicating a potential return to its all-time high near $0.73. Additionally, the price action could be forming an "upsloping flag," a pattern associated with continuation trends. This implies a price target of approximately $0.66, aligning with the current bullish momentum.

Golden Cross Momentum

Dogecoin has experienced a significant bullish surge, highlighted by a golden cross – a technical formation where the 50-day moving average crosses above the 200-day moving average. Historically, this pattern signals strong upward trends and has often preceded price rallies. DOGE's price has broken through resistance levels at $0.22 and $0.30, with rising trading volumes validating this momentum.

Classical Charting Principles

Brandt noted Dogecoin's adherence to classical charting principles, highlighting similarities between its current price action and a pattern observed in 2020 that led to a significant rally. This pattern has contributed to DOGE's recent 190% surge.

Brandt's analysis underscores the technical strength behind Dogecoin's recent performance, suggesting the potential for sustained bullish trends.