Dogecoin, one of the biggest crypto winners this month, has shown a 76.71% spike in trading volume, according to CoinGlass data.
Dogecoin momentum is supported by massive whale activity. Recently, Whale Alert reported a $120 million DOGE transfer to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 300,000,000 #DOGE (121,375,564 USD) transferred from unknown wallet to unknown wallethttps://t.co/RwNlh59LhY
— Whale Alert (@whale_alert) November 29, 2024
The DOGE price has shown remarkable 150% growth in November. DOGE monthly returnshave reached 167% in this month.
Dogecoin price prediction
Veteran trader Brandt has recently shared his view on the future of the DOGE price.
According to Brandt, Dogecoin's chart shows an inverted head-and-shoulders pattern, which could mean that it is going back to its all-time high near $0.73.
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The DOGE price could also be forming an "upsloping flag," a technical pattern often associated with continuation trends. If the flag is completed, it could mean a price target of around $0.66, which would fit with the ongoing bullish momentum.
Dogecoin (DOGE) has recently experienced significant bullish momentum, highlighted by a golden cross — a technical pattern where the 50-day moving average crosses above the 200-day moving average.
Historically, this formation signals strong upward trends and has often preceded major price rallies. DOGE's price has surged, breaking through resistance levels at $0.22 and $0.30, with rising trading volumes further validating this momentum.
Peter Brandt noted DOGE’s adherence to classical charting principles. He highlighted a similarity between its current price action and a pattern observed in 2020, where a sideways accumulation phase evolved into an inverse head-and-shoulders formation.
DOGE $DOGE has been an outstanding charting market following classical charting principles I am going to follow up in a few hours with a comparison chart that will blow your mind (as long as I remember to do so at age 78) pic.twitter.com/xKuLflPgea
— Peter Brandt (@PeterLBrandt) November 13, 2024
This same pattern in 2024 has contributed to DOGE’s massive 190% rally. Brandt's analysis underscores the technical strength behind Dogecoin's recent performance, suggesting the potential for sustained bullish trends.
