In the past 24 hours, 5.8 billion Dogecoin tokens have been transferred, signaling a change in market behavior. Dogecoin's price is $0.3983, DOGE has decreased by 1.68%. However, its trading volume has spiked by 21.50% to $3.64 billion.

The surge in trading, combined with the token’s previous inactivity, suggests that a major market shift may be underway. Technical indicators, including the 200-EMA, indicate that DOGE is likely to enter a bullish phase soon, adding to the growing speculation.

Dogecoin Price Surges as 5.8 Billion Tokens Move

Dogecoin price has seen a huge surge in additional trading volume, with 5.8 billion tokens traded in the past 24 hours. This sharp increase comes after a long period of inactivity for these tokens.

Dogecoin's volume chart has spiked. But trading volume is often a rough indicator of an altcoin's price. Such spikes in volume on the chart are often a change in market behavior. Dogecoin's price has surged in response.

The recent activity has signaled a very strong comeback from the Dogecoin sector. It has come with a lot of new attention from both long-time holders as well as new investors.

A change in market dynamics can often be seen when long dormant tokens start to move. In most cases, this can be due to long-time holders selling or new market participants entering.

This increase in activity could be the start of further price action as market participants react to these changes.

Whale Activity and Accumulation Phase Point to Potential Breakout

Dogecoin has entered a consolidation phase, where its price is in a tight range. Dogecoin's highest point this month was seen at the end of the first week of the month, while the lowest point was reached on the third day after the token's price dropped sharply.

The price has been fluctuating between the support near $0.33840 and the resistance around $0.48310. This is where the odds-on phase is most common, with buyers and sellers in a tug-of-war with neither side gaining the upper hand.

However, sideways movement during this period often leads to a breakout at some point and increased whale activity can be the catalyst that pushes the price in a new direction.

This time around, whale activity is particularly notable. Large movements in Dogecoin by whale investors are often seen as a sign of market manipulation or upcoming big moves.

They often have enough power to move prices in either direction and their activity in the market can cause prices to spike.

Dogecoin Looks Bullish According to Technical Indicators

Dogecoin’s technical indicators are also showing signs of a possible price increase. The 200-day EMA is also one of the key indicators to watch, especially on its 3-day chart, and what we see is that the slope of the 200-day EMA is pointing up.

Whenever Dogecoin crosses above, the 200 EMA has historically generated strong bullish momentum. This is a crossover that is often followed by a strong bullish move, as the price has rallied sharply after the EMA started rising.

As of now, the 200 EMA is appearing, which many traders see as a sign of a new bull run. In fact, the upward movement of the EMA, coupled with the recent spike in trading volume, suggests that Dogecoin is likely to start another bull run.

DYOR!#Write2Win #Write&Earn $DOGE