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Dogecoin (DOGE) posted significant figures, with over 7.3 billion coins sold within a 24 hour time frame. This massive record comes amid the general bearish sentiment in the broader cryptocurrency space. Per data from CoinMarketCap, trading volume is up 12.1%.
DODE anticipated bullish run and technical indicators
Although the trading price of DOGE remains bearish at $0.1242, down 7.45% in 24 hours, the spike in trading volume indicates investors’ confidence in the coin’s long-term performance remains unwavering. Notably, Dogecoin, along with Solana, Ethereum and XRP, recently made price recoveries on the crypto market.
Godfrey BenjaminAnalysts attribute the surge in trading volume to an anticipated bullish run for DOGE, as a technical indicator signals the coin will soar before mid-August. A renowned crypto analyst hinted at the likelihood of a golden cross in the next 2-3 weeks for an 18,000% rally. An occurrence will see DOGE climb above $23 and translate to a significant profit for holders.
Another contributory factor that could see an upward shift in price for Dogecoin is speculation around Tesla’s boss, Elon Musk. In the broader cryptocurrency space, the entrepreneur’s leanings toward DOGE is an open secret.
For instance, in May, Tesla added DOGE to its list of accepted payment options. The development sparked debate as to the significance and whether Musk would extend goodwill to other assets.
Investor sentiment and analysts' projections
While investors await the coin’s price performance to pick up in the coming days, the rise in trading volume suggests that buyers are trying to consolidate their position in anticipation of a bullish rally.
Mushumir ButtAlthough a death cross recently emerged on DOGE’s daily chart, stakeholders continue to watch the four-hour chart that reveals a golden cross and the possibility of a price rise.
Meanwhile, Ali Martinez, a notable trader and crypto expert, reviewed historical patterns to identify that Dogecoin is currently witnessing a retracement and, after this phase, it will enter a major bull run. This prediction has served to boost investors’ confidence, particularly holders of the coin.
Denys Serhiichuk
Tomiwabold Olajide