Dogecoin (DOGE) has been performing relatively steadily over the past two weeks, and has been fluctuating between $0.34 and $0.46 since November 12.
As the sixth-largest asset by 24-hour trading volume (excluding USDT), this meme coin still maintains widespread market attention.
DOGE’s technical trend has been increasingly bullish on the charts lately, with many analysts suggesting it is close to a breakout. At the same time, large trading volumes have also been surging, especially between $100,000 and $1,000,000.
DOGE trading volume surges between $100,000 and $1,000,000
Although DOGE’s price has been relatively stable over the past two weeks, trading volumes above $100,000 and $1,000,000 have increased significantly in recent days.
According to data from Santiment, the addresses making these large transactions purchased a total of more than 240 million DOGE tokens in October alone.
This accumulation trend could be the beginning of DOGE’s next bull run.
Futures traders are also keeping a close eye on DOGE’s performance. On November 24, DOGE’s open interest hit a record of $405 million, and although it has since fallen back to $348 million, participation remains at an all-time high.
Dogecoin may see a ‘magic candle’
In addition, from a technical perspective, DOGE’s medium- and long-term charts also show some positive signals, attracting the attention of many analysts.
Independent analyst Mikybull pointed out that DOGE is currently forming a progressive wedge pattern, and the balance volume indicator is also converging upward, indicating that there may be a wave of "magic candle" rises.
The trader sees this as a potential opportunity, stating: “$DOGE is getting ready for another magical candle to hit $1.”
Meanwhile, trader Tardigrade also pointed out a pattern that has historically appeared many times in previous bull markets. The chart he analyzed showed that the price formed a double bottom structure at the bottom of the previous cycle and then broke through the overhead resistance level.
Once DOGE confirms an upward trend, its price may experience rounds of parabolic rises. In October, DOGE has confirmed this upward trend at the upper resistance level (as shown in the chart), which laid the foundation for the next strong rise.
Based on the Elliott Wave Theory, anonymous altcoin trader Altstreet Bets predicts that DOGE has the potential to rise 60% in the next few days, with a target price between $0.68 and $0.72, and said: "DOGE is ready to rise again."
