Dogecoin (DOGE) Price Action Heats Up Following Transfer of 5.8 Billion Tokens

The volume of transactions in DOGE crypto has witnessed a sharp rise. That 5.8 billion tokens were traded the previous day makes this clear.

Dogecoin (CRYPTO: DOGE) price remained bullish and sustained above the key EMAs on Monday. In the last 24 hours, 5.8 billion Dogecoin tokens were shifted, indicating a change in market activity.

At press time, Dogecoin price showed a minor decrease of 2.20% and was trading at $0.3863. However, its trading volume soared by over 16.20% to $4.15 Billion. Its market cap was indicated at $56.89 Billion.

Since the beginning of November, the DOGE price has been noted in an uptrend, surging by over 160% in a month. Fueled by increased confidence among investors and heightened accumulation, the price reached the highest trajectory since May 2021.

Dogecoin Price Heats Up After Transfer of 5.8 Billion Tokens The volume of transactions in DOGE crypto has witnessed a sharp rise. That 5.8 billion tokens were traded the previous day makes this clear.

On the chart, Dogecoin’s trading volume has been increasing. These chart volume surges frequently indicate a shift in market dynamics, and the Dogecoin price has increased in tandem.

There have been indications of a robust recovery in Dogecoin’s recent activity. It has garnered much increased interest from both new and long-term investors.

Dogecoin Price Gearing Up for a Take Off: Key Analysts Predictions A recent tweet by Trader Tardigrade highlighted that Dogecoin’s 200-day EMA started taking off. It signals a fresh era of bull rally, and the DOGE price could see a massive upswing in the coming days.

Another analyst, Cephil, also made comments on the token. He said that the Dogecoin price had returned to the support zone and was consolidating near the value region.

In his post, he further mentioned that the token’s social metrics remained solid. He also highlighted that the longer the consolidation, the higher the rally.

What Does On-Chain Data Say? Data from Intotheblock showed that more than 65% of in-the-money holders are in profit. However, the presence of a significant portion of holders out of the money also conveys overhead resistance. These investors might look to exit at break-even points.

Moreover, the new adoption rate has increased by over 12% in a month, signaling greater confidence in DOGE. It supports the likelihood of upward price movement.

These metrics suggest the Dogecoin price could be set for further upward movement. Also, it may breach the resistance of $0.4500 in the coming days.

During the daily timeframe, Dogecoin’s price traded in an accumulation phase and received support around the 20-day EMA pivot zone. Currently, it stalled near $0.3880, showing an inherent strength.

The token could see a potential bounce back toward the recent highs of $0.4500 in the coming days. DOGE’s ADX curve still ranges above the 30 line, indicating the ongoing bullish trend.

Furthermore, the Chaikin Money Flow (CMF) indicator had a reading of 0.04, implying that significant capital inflows entered the market.

Once Dogecoin succeeds in gaining bullish momentum with a substantial volume surge, it will exit the consolidation phase. Furthermore, it may resume the ongoing bull rally that could propel it toward $0.5000 soon.

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