Dogecoin’s trading volume surged by over 100% in a single day. This prompted speculation about the return of influential investors known as the whales. Moreover, technical indicators recently show that whale’s interest in the market is growing.
This could possibly affect Dogecoin’s (DOGE) price in the long run. Amidst these developments, a new project has also gained favor among investors, adding an element of excitement and competition in the cryptocurrency market.
Key Development Fueling Price Increase – Big Holders Motivate Others to Start Bagging DOGE
The recent movement of the DOGE meme coin has attracted notable analyst Ali Martinez, who shared his thoughts on the X platform. According to him, the coin is getting ready for a massive rally to the moon.
The analyst, who is also a trader, shared this prediction based on the recent surge in transactions.
The transactions have exceeded $100,000 in the past month. Ali Martinez added that this uptick suggests increased interest in DOGE from institutional players and whales, potentially gearing up for a significant price spike.
This post was backed by a chart from IntoTheBlock, which shows how the transactions have been going.
#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.
This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW
— Ali (@ali_charts) November 23, 2023
In addition to this, an on-chain platform, Santiment, shared on November 22 that older DOGE is moving out of stagnant wallet. According to Santiment, this is happening when over 100 new wallets were created in just one month. Notably, these new wallets are holding more than one million tokens.
This signals a bullish sentiment for Dogecoin. Meanwhile, back on November 8, crypto trader Kaleo made an optimistic prediction for Dogecoin. Kaleo expressed that DOGE might see a bullish move, but not right now. “Sometimes in the next week or two,” he noted.
Interestingly, Kaleo projected the price of Dogecoin to increase to a high of 9-10 cents when it start to rally. The expert thinks Dogecoin (DOGE) tends to move quickly once it starts moving. According to him, if DOGE reaches $0.15, it might go a bit higher.
I don’t think the real DOGE rally starts until later 2024, but that doesn’t mean we can’t have some fun before then,
Kaleo said, adding a trading chart below.
Here’s my playbook for $DOGE:
Sometime in the next week or two, Dogecoin finally starts to move.
When DOGE starts moving higher, it usually moves pretty fast. I wouldn’t be surprised to see a daily from here to somewhere in the 9 – 10 cents range, chop there for a bit, then… pic.twitter.com/BN1AqSe8d2
— K A L E O (@CryptoKaleo) November 9, 2023
Given all these bullish predictions and transaction increases, the community members are very hopeful. Also, it has attracted more people to consider buying the coin. This is evident in the surge in its price and 24-hour trading volume.
Dogecoin Price Action:
According to data from CoinGecko, Dogecoin has recorded noteworthy growth in the past month, showing an increase of more than 14%. Looking at a shorter timeframe, specifically the last fourteen days, Dogecoin has continued its upward trend with a gain of over 3%.
The coin’s positive momentum persists even more impressively in the last 24 hours, where it has increased by an additional 2%.
Notably, within the past hour, the market has been strongly influenced by bullish activity, indicating a current dominance of buyers.
However, a closer look at the seven-day data from CoinGecko reveals a slight downturn for Dogecoin, as it has decreased by 1.7% over this period. Despite this recent dip, the overall performance of Dogecoin has demonstrated resilience and remains subject to market fluctuations.
Still, investors should look at the price analysis of Dogecoin to know the potential next move.
Dogecoin Price Analysis – Technical Indicators Signal Bullish Trend
Dogecoin (DOGE/USDT) is currently on an upward trajectory, heading towards the upper Donchian channel. This movement suggests a potentially bullish sentiment in the market. When a coin approaches or surpasses the upper Donchian channel, it indicates an uptrend in price.
Notably, the upper Donchian channel can serve as a robust resistance level. Historically, prices often experience a temporary halt or pullback upon reaching this upper limit. However, if the coin manages to break above this resistance level ($0.0879), it could signal a strong bullish momentum.
Breaking through the upper Donchian channel might signify increased buying pressure, which could propel DOGE to higher price levels. The Relative Strength Index (RSI) at 56 adds another layer to the analysis. An RSI reading around 50 to 70 generally suggests that the asset is in a bullish phase.
An RSI of 56 implies the coin has room for upward movement before entering overbought territory. In all, Dogecoin is currently seeing bullish sentiment, and if this momentum continues, analyst Kaleo’s prediction could play out faster.
Dogecoin Alternative that Investors Are Rushing: TG. Casino Hits $2.9
In 2023, many new meme coins have popped up, but Meme Kombat (MK) stands out as a promising project in the crypto world. Some people even think it could challenge big meme coins like DOGE.
Fulham are taking Wolves in the Premier League tonight?
Hands up if you have your bets places🙋 pic.twitter.com/9cLCyUqvQG
— TG Casino (@TGCasino_) November 27, 2023
The project created an excellent platform for gamers, making it rewarding for everyone. Whether you like betting or just want to stake and earn, using the platform can be a win.
Crypto buyers looking for opportunities seem to like it, too. The presale just hit a big milestone, raising $2.98 million.
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At just $0.17 per token, now is a great time to invest in $TGC. If $TGC reaches Dogecoin’s all-time high of over $0.73, presale investors could see significant gains when the token launches.
However, the potential for $TGC could be even higher.
According to TG.Casino’s website, Web3 Casinos, with a market currently worth $250 million, is in the early stages. This is a fraction of the $263 billion global casino and online gambling market, as per Statista.
TG. Casino points out that crypto casinos are gaining popularity due to easy access, no KYC, and discreet transactions. TG. Casino, with its Telegram integration, is well-positioned to lead in this expanding market.
Interestingly, on November 20, the TG.Casino announced the launch of its airdrop. This created a lot of excitement and attracted even more people to the presale.
The team allocated 16 million tokens (16% of the total supply) to this airdrop. Those interested should visit the project’s official site to buy the token before the presale ends.
This news is republished from another source.
