Dogecoin, one of the biggest winning cryptocurrencies this month, has seen a trading volume spike of 76.71%, according to CoinGlass data. Dogecoin's uptrend is supported by activity from large whales. Recently, Whale Alert reported a transfer of $120 million in DOGE to an unidentified wallet.
The price of DOGE has grown significantly by 150% in November. DOGE's monthly profit reached 167% this month.
Dogecoin Price Prediction
Veteran trader Brandt recently shared his views on the future price of DOGE.
According to Brandt, Dogecoin's chart shows an inverse head and shoulders pattern, which could mean that the coin will return to its all-time high of around $0.73.
The price of DOGE may also be forming an "ascending flag," a technical pattern often associated with continuation trends. If the flag completes, it could mean a price target of around $0.66, consistent with the ongoing price uptrend.
Dogecoin (DOGE) has recently experienced significant upward momentum, marked by a golden cross - a technical pattern where the 50-day moving average crosses above the 200-day moving average.
According to history, this formation signals a strong upward trend and often precedes major price increases. The price of DOGE has skyrocketed, surpassing resistance levels at $0.22 and $0.30, with increasing trading volume further confirming this upward momentum.
Peter Brandt notes that DOGE adheres to classic charting principles. He highlights the similarity between its current price action and a pattern observed in 2020, in which a sideways accumulation period develops into an inverse head and shoulders pattern.
