The meme cryptocurrency Dogecoin is experiencing a surge in large transactions and positive price action, which has prompted traders to predict a bullish future.
Cryptorphic, a Bitcoin analyst, observed that Dogecoin experienced a substantial increase in value in February 2024, thereby breaking free from a protracted trading range. The coin is currently above the 200-day EMA and is attempting to maintain its position above the 100-day EMA, which indicates that there is a bullish momentum.
Since February 2021, it has been trading within this channel for a total of 1,127 days. However, it burst out with a significant candle in February 2024. It has been retesting the breach since that time.
Dogecoin’s RSI is below 45, suggesting that there is potential for growth. Some have suggested that a potential tenfold increase is possible, and a weekly close above $0.11 could initiate a significant rally. Cryptorphic intends to accumulate and maintain Dogecoin for the subsequent six months.
Elon Musk, a prominent supporter of Dogecoin, has the potential to increase the coin’s value by increasing its visibility post-presidential election.
According to IntoTheBlock, there has been a 36.3% increase in large transactions, a 1.5% increase in daily active addresses, and a 2,029.2% increase in exchange netflows. 70% of Dogecoin holders are still profitable, despite the price volatility.
These trends suggest that Dogecoin has the potential for a robust future, as sustained growth may be the result of increased activity and interest.
