While the altcoin space and broader crypto market are facing some retracement, memecoin Dogecoin is enjoying a new bull run. As of press time, the DOGE price is up by another 6% and is currently trading at $0.081 with a market cap of $11.5 billion.
The Dogecoin Price Rally
Over the past week, DOGE has gained nearly 10% and 37% over the last month. The Moving Average Convergence Divergence (MACD) reflects notable price volatility since the beginning of the month, indicating ongoing significant price movements for the coin. Additionally, the averages demonstrate an upward trend, suggesting the potential for the price to continue appreciating in the upcoming days.
A key level for the bulls to maintain is $0.0803; doing so would sustain the positive momentum, paving the way for a test of the upper resistance level at $0.08393. If this level is successfully held, it sets the stage for further upward movement, potentially reaching $0.0950 in the near future.
In the event that bullish momentum persists, there is a possibility for Dogecoin’s price to challenge the upper level of $0.1 in the week ahead. On the flip side, if bears exert dominance over bulls, causing a loss of momentum, the price may retreat and test its support level at $0.07648.
Furthermore, continued bearish market control could lead to a sustained loss of momentum, pushing the price down to test its lower support level of $0.07250 in the weeks to come.
The recent surge in Dogecoin’s value and trading activity can be partially linked to the increasing enthusiasm within the Dogecoin community surrounding Astrobotic’s upcoming launch of a physical Dogecoin token to the moon in December. This upcoming event has generated significant interest among cryptocurrency enthusiasts, playing a role in the increased movements of Dogecoin across various wallets and exchanges.
DOGE Whale Transactions
On-chain data shows that the transaction volumes for Dogecoin have recently hit its three-month high. As per Santiment, Dogecoin experienced a moderate 5% increase in value amid a predominantly stable day in the cryptocurrency market.
This boost was supported by a substantial on-chain transaction volume of $665 million, marking its highest level in the past three months. Additionally, there is a noteworthy increase in Dogecoin long positions as traders express optimism and bet on potential price rises.
A sequence of large-value Dogecoin transactions commenced on November 7, as Robinhood received a substantial transfer of 250 million DOGE, equivalent to about $50.3 million at that time. The trend persisted into early November with two distinct transactions involving 75.3 million and 73.6 million DOGE, respectively.
On Sunday, a noteworthy transfer unfolded, moving 140.6 million DOGE from Robinhood to an undisclosed wallet. Subsequently, an anonymous transfer of 690 million DOGE occurred between unidentified wallets on Tuesday.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.