Originally published on: December 04, 2024
Dogecoin is showing strong resilience in the market, maintaining a steady price range between $0.34 and $0.46 for the past few weeks. As the sixth most traded asset by volume, excluding USDT, it continues to attract market interest.
The technical analysis of DOGE indicates a potential breakout on the horizon, as analysts predict a bullish trend in the coming days. Whale transactions exceeding $100,000 and $1 million have been increasing steadily, with over 240 million DOGE tokens acquired in December.
Futures traders are also closely watching DOGE, as the memecoin’s open interest hit an all-time high of $4.05 billion recently. Despite a slight drop, interest levels remain at record highs.
Analysts are optimistic about Dogecoin’s mid-term and long-term prospects, with favorable setups seen in the charts. The formation of a rising wedge pattern and the historical trend of a double bottom followed by a breakout both suggest a potential price rally.
Based on various technical analyses, experts anticipate a significant surge in DOGE price, potentially reaching $0.68 to $0.72 in the near future. Investors should conduct their own research before making any decisions, as all investments carry risks.
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