For instance, crypto analyst Ali Martinez observed that Dogecoin is currently trading within an ascending channel. This pattern holds merit as a bullish continuation, and according to the analyst, Dogecoin is still in the accumulation phase. The projection on the chart shows all that’s needed now is for a clean break above $0.3 for Dogecoin to enter into an expansion phase.
Dogecoin needs enough trading volume in order to complete this predicted move. The move needs to be backed by a noticeable surge in trading volume, ideally two to three times higher than the recent average.
Dogecoin’s trading volume has spiked notably in the past 24 hours, coming to $2.5 billion across all exchanges. Furthermore, active addresses and transaction frequency have both increased over the last few trading hours.
At the time of writing, Dogecoin is trading at $0.2644, up by 4.5% and 16.7% in the past 24 hours and seven days, respectively.
Featured image from Pixabay, chart from TradingView
