The digital currency Dogecoin (DOGE) has achieved remarkable growth recently, as the currency’s trading volume increased by 76.71% according to “CoinGlass” data.
This increase reflects significant activity by whales, most notably a $120 million transfer to an unknown wallet, according to Whale Alert.
During the month of November, the DOGE cryptocurrency saw its value increase by 150%, with monthly returns reaching 167%.
These developments prompted analyst Peter Brandt to share his vision for the future of the currency, noting that its chart shows an “inverted head and shoulders” pattern, which enhances the possibility of a return to the all-time high of $0.73.
Additionally, Brandt pointed to a “slanting flag” pattern, a technical signal that often indicates an uptrend is on, which could place a price target at $0.66.
Technical trends confirmed their strength after the emergence of the “golden cross”, where the 50-day moving average crossed the 200-day moving average.
This pattern is a strong indicator of a continuing uptrend, and often precedes significant price increases.
DOGE is currently above key resistance levels at $0.22 and $0.30, supported by a significant increase in trading volumes.
Brandt also highlighted the similarities between the current patterns and the price action DOGE saw in 2020, when an inverted head and shoulders pattern led to significant rallies.
This analysis suggests that the currency's recent performance is supported by strong technical fundamentals, which enhances the chances of a continued uptrend in the near term.
