Dogecoin trading volume increases by 76%, indicating a possible significant price increase

In November, the price of Dogecoin recorded a remarkable growth of 150%, with the monthly return reaching 167%.

Also Read: Dogecoin Whales Move $214.5 Million in a Single Day, Sparking Speculation

Early November, crypto traders Peter Brandt expressed his view on the future of Dogecoin, suggesting that the cryptocurrency’s chart is showing an inverted head and shoulders pattern, which could signal a return to its all-time high near $0.73.

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Brandt also noted that Dogecoin may be forming a “rising flag,” a technical pattern often associated with continuation trends. Should this pattern materialize, it could suggest a price target of around $0.66, in line with current bullish momentum.

Recently, Dogecoin has shown significant bullish momentum, highlighted by a golden cross – a technical pattern where the 50-day moving average crosses above the 200-day moving average.

This pattern typically indicates strong uptrends and has often been a harbinger of large price increases. The price of Dogecoin has risen sharply and broken the resistance levels at $0.22 and $0.30, with growing trading volumes further supporting this momentum.

Why it matters: The recent increase in Dogecoin trading volume and the associated bullish momentum are important indicators of possible future price recoveries.

The participation of significant whale activity and the formation of technical patterns such as the inverted head and shoulders formation and the rising flag further increase the likelihood of a price increase.

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The number of active users of Dogecoin is increasing. Will this affect DOGE price?