#DOG#DOGEBefore the explosion! 58 billion DOGE coins in circulation, volume increases by 21.5%, will this 'bitch' fly?
In the last few hours, 58 billion DOGE has been transferred, indicating a change in market behavior. Although DOGE is currently trading at $0.3983, down 1.68%, the volume has increased by 21.50% to $36.4 billion.
The increase in volume, as well as the start of trading of tokens that have been in a dormant state for a long time, means that the market could be witnessing significant changes. Given technical indicators such as the 200-day EMA, DOGE could soon enter a bullish phase, which increases market speculation.
The movements of 58 billion tokens in circulation caused significant fluctuations in the price of DOGE.
DOGE price over the past 24 hours has seen a huge trading volume, with 58 billion tokens traded. Previously, these tokens were inactive for some time.
From the DOGE trading chart, the volume has been steadily increasing. Volume changes can usually roughly reflect the cryptocurrency price trend. When volume increases significantly, it usually means a change in market behavior, which also pushes the DOGE price higher.
Recent developments have shown that DOGE is making a strong comeback, attracting the interest of many long-term investors and new investors.
A market shift usually occurs when a long-term non-traded token starts to become active. This usually means that long-term holders may be selling, or new market participants are joining the market.
As the market becomes more responsive to these changes, increased activity may also mean that price volatility will begin soon.
Whale aggregation events and stages indicate an impending explosion.
DOGE is currently being accumulated, and the price is fluctuating in a narrow range. At the beginning of this month, the price of DOGE reached its highest level, and on the third day after a significant decline, it also appeared at a low level.
Since then, DOGE price has been fluctuating between the support level at $0.3384 and the resistance at $0.4831. This is the most representative sticky phase in the market, where both sides remain in a state of equilibrium, and neither has the upper hand temporarily.
Although the market is currently in a sideways consolidation phase, this trend usually sees a breakout at some point. Increased whale activity could act as a catalyst to push prices into a new direction.
Recently, many have noticed whale activity. Whale investors have been investing in DOGE in large amounts, this behavior is very common and usually means that the market may witness a moment of manipulation or fundamental change.
Whales usually have enough money and influence to push prices in any direction. Their moves in the market often lead to higher prices, especially when they enter in groups.
Technically, DOGE has shown an upward trend.
The technical aspects of DOGE are also pointing to bullish signals. The 200-day EMA is an important indicator, especially on the 3-day chart, where we can see the 200-day EMA trending upwards.
Historically, whenever DOGE breaks the 200-day EMA, it is accompanied by strong bullish momentum. This breakout usually triggers a strong wave of optimism, because when the EMA starts to rise, the price usually rises significantly.
Now, the 200-day EMA is rising, and many traders believe that this could be a sign of a new bull market cycle. In fact, the rising EMA, coupled with the recent increase in volume, suggests that DOGE price could see another uptick.
Disclaimer: Entering the market involves risks, and investing should be cautious! $DOGE