According to U.Today, Dogecoin (DOGE) has seen a significant increase in trading activity, with over 7.3 billion coins sold within a 24-hour period. This surge comes despite a general bearish sentiment in the broader cryptocurrency market. Data from CoinMarketCap indicates that trading volume for DOGE is up by 12.1%. Although the trading price of DOGE remains bearish at $0.1242, down 7.45% in 24 hours, the spike in trading volume suggests that investors' confidence in the coin's long-term performance remains strong. Recently, Dogecoin, along with Solana, Ethereum, and XRP, has made price recoveries in the crypto market.
Analysts attribute the surge in trading volume to an anticipated bullish run for DOGE, as technical indicators signal that the coin may soar before mid-August. A renowned crypto analyst has hinted at the likelihood of a golden cross in the next 2-3 weeks, which could result in an 18,000% rally. This occurrence could see DOGE climb above $23, translating to significant profits for holders. Another factor that could contribute to an upward shift in Dogecoin's price is speculation around Tesla's CEO, Elon Musk. Musk's support for DOGE is well-known, and in May, Tesla added DOGE to its list of accepted payment options, sparking debate about its significance and whether Musk would extend similar support to other assets.
While investors await a potential price increase for DOGE in the coming days, the rise in trading volume suggests that buyers are consolidating their positions in anticipation of a bullish rally. Despite a recent death cross on DOGE's daily chart, stakeholders are closely watching the four-hour chart, which reveals a golden cross and the possibility of a price rise. Ali Martinez, a notable trader and crypto expert, has reviewed historical patterns and identified that Dogecoin is currently experiencing a retracement phase. After this phase, Martinez predicts that DOGE will enter a major bull run, boosting investors' confidence, particularly among holders of the coin.
