Dogecoin #DOGEUSDT! saw a staggering 7.3 billion coins change hands within 24 hours, defying the general bearish trend in the cryptocurrency market. According to data from CoinMarketCap, this represents a 12.1% increase in trading volume.
Anticipated Bullish Run and Technical Indicators
Despite the bearish trading price of DOGE, currently at $0.1242 (down 7.45% in 24 hours), the surge in trading volume suggests that investors remain confident in the coin's long-term potential. Dogecoin, along with other cryptocurrencies like Solana, Ethereum, and XRP, recently experienced price recoveries in the market.
Analysts believe the increase in trading volume could signal an upcoming bullish run for DOGE, supported by technical indicators pointing to a potential rally. A well-known crypto analyst hinted at the possibility of a golden cross occurring in the next 2-3 weeks, potentially leading to an 18,000% increase in value. Such a development could see DOGE rise above $23, offering significant profits for holders.
Another factor that could influence Dogecoin's price is speculation around Tesla CEO Elon Musk, who is known for his interest in the cryptocurrency. For instance, Tesla recently added DOGE as an accepted payment method, sparking discussions about the broader implications and whether Musk might support other digital assets.
Investor Sentiment and Analysts' Projections
As investors look forward to a potential price increase, the rise in trading volume indicates that many are consolidating their positions in anticipation of a bullish trend. While a death cross has appeared on DOGE's daily chart, the four-hour chart shows a golden cross, suggesting a possible price rise.
Crypto expert Ali Martinez has reviewed historical patterns, noting that Dogecoin is currently undergoing a retracement. He predicts that following this phase, the coin will enter a significant bull run, bolstering investor confidence, especially among those already holding DOGE.
Source: U.Today, July 25, 2024