Is a Bull Run on the Horizon?

Dogecoin (DOGE), the meme-inspired cryptocurrency that originally gained fame for its Shiba Inu logo, has experienced an impressive 146% increase in trading volume. In just 24 hours, the token’s trading volume surged to a remarkable $1.09 billion. 

This sharp rise reflects a growing interest from investors, as Dogecoin continues to attract attention with its playful charm and strong community support.

Dogecoin Trading Volume Surge

Dogecoin (DOGE) is making headlines with an impressive $1.09 billion in large transactions over the past 24 hours. This spike in activity, amounting to around 8.61 billion DOGE, signals growing interest from big investors and institutions. 

This surge comes at a time when the broader crypto market is facing a downturn, with Bitcoin’s recent drop and speculation about potential sales of U.S. government-held cryptocurrencies adding to the uncertainty.

While Dogecoin enjoys increased transaction volume, it’s also feeling the effects of the current market decline. Bitcoin’s recent fall to about $65,000 has influenced the entire crypto space, including Dogecoin, which has been on a losing streak. Over the past four days, Dogecoin’s price has dropped, though it recently showed some signs of bouncing back.

Is Bull Run Near?

Meanwhile, crypto trader Kevin believes the bullish rally might be nearing, based on the latest Dogecoin/Bitcoin chart. He pointed out a recent bullish signal from the 3-day Moving Average Convergence/Divergence (MACD) indicator, which previously led to a 100% surge for DOGE against BTC within 60 days.

Kevin also noted that changes from the Federal Reserve and Bitcoin’s dominance reaching a key level could boost altcoins soon. However, he advises investors to stay patient.

What’s Next for Dogecoin?

Looking at the technical analysis, if Dogecoin can maintain the 50-day SMA as support, it might see a bounce back towards higher levels, potentially reaching the 200-day SMA at $0.134. A sustained rally could push the price up to $0.14 and even $0.18.

On the other hand, if the price falls below the $0.12 support level, it could lead to further declines, possibly dropping to $0.10. However, Dogecoin is still down 1.6% in the last 24 hours and 5.42% over the past week.