Dogecoin is showing signs of growth as large transactions hint at increased interest from institutional investors. This trend could set the stage for a huge price surge.
Dogecoin’s price and large transactions, what’s the connection?
Analysts noticed a consistent uptrend in Dogecoin’s market price, coinciding with a slight recovery in the broader crypto market, and despite some minor fluctuations, this resurgence reflects a generally positive sentiment among crypto investors.
Popular crypto analyst Ali Martinez highlighted in a post that there has been an increase in large transactions on the Dogecoin network, and this rise suggests that major players and Dogecoin whales might be positioning themselves for a potential price increase.
Data supports this observation, showing that the increase in transaction volume aligns closely with price changes, meaning that bigger stakeholders are actively engaging in the market.
Who let the DOGE out?
Another crypto expert, Trader Tardigrade shared an optimistic outlook for Dogecoin on social media, and noted that DOGE is currently performing above its 200-day simple moving average on a three-day chart.
This analysis draws parallels between Dogecoin’s current behavior and historical patterns observed from 2017 to 2020. Now analysts believe that Dogecoin completed the so-called ’Pre-Rally’ phase of its cycle, which typically precedes a bigger price jump.
Tardigrade illustrated these trends with a detailed chart showing previous ’Pump’ stages and consolidation phases, suggesting that Dogecoin is ready for another ’Pump’ phase.
This prediction aligns with the growing interest in cryptocurrencies as both investment options and payment methods continue to expand worldwide.
Price targets for Dogecoin
Dogecoin’s price already seen a modest rise. At the time of writing, DOGE is trading at around $0.1095, reflecting a small increase of 1.29% over the past 24 hours.
The crypto shown a trading range between $0.1077 and $0.1104 during this period, so there is relative stability despite the overall market volatility.
If positive sentiment continues to grow, it could push Dogecoin’s price beyond the $0.11 level, or even breaking through the $0.15 barrier.
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