Analysts Say Dogecoin Poised for Further Rally After Largest Meme Coin Gains 93% in the Past Week
Dogecoin (DOGE) is setting sights on an imminent breakout as it begins testing areas of critical resistance. After posting impressive gains of over 93% in the past week, some analysts are projecting another possible surge of 50% that could see the token climb to the $0.34 mark.
DOGE is currently trading at around $0.2944 according to CoinMarketCap data, keeping its incredible momentum by surging 30% in the last 24 hours alone. More impressively, the 24-hour trading volume of the token surged upward by 233%, indicating increased interest on the part of the market participants as the token tests crucial breakout levels.
Its position above the 200-day exponential moving average (EMA) further supports the present uptrend, and according to analysts, a daily close higher than $0.226 would trigger the expected rally.
According to data from IntoTheBlock, volumes in large transactions spiked 5.5% over the last day. The increase in whale activity, together with a 19% surge in Open Interest, according to Coinglass, could be a sign of restored confidence by big players.
The increase in trading volume, coupled with institutional involvement and favorable technical patterns, creates a seemingly strong foundation for possible upward movement in DOGE.
