Dogecoin (DOGE) is setting sights on an imminent breakout as it begins testing areas of critical resistance.
Dogecoin (DOGE) is setting sights on an imminent breakout as it begins testing areas of critical resistance. After posting impressive gains of over 93% in the past week, some analysts are projecting another possible surge of 50% that could see the token climb to the $0.34 mark.
DOGE is currently trading at around $0.2944 according to CoinMarketCap data, keeping its incredible momentum by surging 30% in the last 24 hours alone. More impressively, the 24-hour trading volume of the token surged upward by 233%, indicating increased interest on the part of the market participants as the token tests crucial breakout levels.
Its position above the 200-day exponential moving average (EMA) further supports the present uptrend, and according to analysts, a daily close higher than $0.226 would trigger the expected rally.
According to data from IntoTheBlock, volumes in large transactions spiked 5.5% over the last day. The increase in whale activity, together with a 19% surge in Open Interest, according to Coinglass, could be a sign of restored confidence by big players.
The increase in trading volume, coupled with institutional involvement and favorable technical patterns, creates a seemingly strong foundation for possible upward movement in DOGE.
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