Dogecoin Trading Volume Hits Record High in November 2024
Dogecoin experienced a significant surge in trading activity in November 2024, reaching unprecedented levels across all exchanges. Analyst KrissPax predicts the cryptocurrency could reach $3 using logarithmic scale analysis. The surge coincides with multiple analysts projecting a $1-5 price range for Dogecoin, with many considering $5+ unrealistic.
Trading data from CryptoQuant shows record-breaking transaction counts in both spot and futures markets during November. Retail trader participation has increased, leading some analysts to suggest a potential short-term price dip before any sustained upward movement. Crypto analyst KrissPax released a detailed price prediction using logarithmic scale analysis, connecting monthly price tops from 2017 and 2021 and suggesting a path to $3.
Technical analyst Trader Tardigrade points to the Relative Strength Index (RSI) on four-hour charts as evidence for potential price movement, with previous RSI bounces from oversold zones resulting in 40% and 200% price increases. Market data shows Dogecoin currently trading around $0.4, with increasing volume supporting recent price movements.
Analyst Philip suggests $5 as a conservative estimate based on previous market cycle performance, while Master Kenobi warns that price targets above $5 might be unrealistic considering market capitalization implications. He recommends a more conservative range between $1 and $2 for the current market cycle.
The recent trading volume surge spans both spot and derivatives markets, indicating broad-based participation. Trading patterns show concentrated activity during specific time periods, with Asian and European market hours seeing particularly heavy volume. This suggests global participation in the recent trading surge.
Source
<p>The post Dogecoin Trading Frenzy: Analysts Predict $1-$3 Price Range, $5+ Unlikely first appeared on CoinBuzzFeed.</p>
