Dogecoin Shows Signs of Bullish Recovery with Increased Trading Volume
The Dogecoin price action in the past few days is indicating a potential bullish recovery. The cryptocurrency has experienced a surge in trading volume, driven by increased activity from whale addresses.
Currently, DOGE has spiked by over 6% in the last 24 hours, briefly surpassing $0.09. This upward movement occurred despite Bitcoin’s weakening bullish momentum at $52,000 and corrections in other cryptocurrencies, suggesting that DOGE traders remain optimistic.
DOGE Recent Metrics Point to Recovery Trend
During January, Dogecoin had a lackluster performance, ending the month at $0.07973, a 13% decrease from its opening price. However, DOGE started rebounding in early February after forming a double bottom pattern. Technicals, transaction count, and price action all indicate a shift in momentum and sentiment among traders.
According to analytics platform IntoTheBlock, the Dogecoin ecosystem has witnessed significant activity, processing over 1 million transactions daily since January 30. This increased activity has corresponded with an 11% rise in the cryptocurrency’s price since the beginning of February.
At present, DOGE’s trading volume on Coinmarketcap is approximately $824 million, a 129% increase in the last 24 hours. This surge can largely be attributed to large investors or whales.
Whale Activity Boosts DOGE Price
Based on Dogecoin whale data, transactions exceeding $100,000 have reached $2.53 billion in the past week. In the last 24 hours alone, there were 1,570 such transactions with a total volume of 15.88 billion DOGE. This influx of activity is driving a significant recovery for the cryptocurrency, with the potential to surpass $0.1 and even reach $0.2.
DOGE Price Action – Potential Rally to $0.2?
With the support of whale activity, Dogecoin has shown signs of life, surging to $0.09115 in the past 24 hours. Although it has since corrected by 4.5%, DOGE is currently trading at $0.08702.
The cryptocurrency is expected to continue its bullish price action in the short term, with a minor support level at $0.08693. If DOGE can maintain its position above $0.09, it could gain further momentum and potentially break above $0.1 for the first time in three months.
If DOGE manages to surpass this milestone, it could mark a significant turning point for its price trajectory, setting the next target at $0.2.
Hot Take: Dogecoin’s Recovery Continues Amidst Whales and Increased Trading Volume
The recent surge in Dogecoin’s price and trading volume indicates that the cryptocurrency is on a bullish recovery path. With increased activity from whale addresses and positive metrics, DOGE has gained momentum despite corrections in other cryptocurrencies.
If this trend continues, Dogecoin may break above $0.1 and potentially reach $0.2, presenting an important milestone for its price trajectory. Traders should keep an eye on whale activity and trading volume as key indicators of DOGE’s future performance.
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