DOGE Maintains Strong Market Interest as Consolidation Continues Between $0.34 and $0.46

DOGE Maintains Strong Market Interest: Analyzing the $0.34 to $0.46 Consolidation Zone

Since November 12, the price of Dogecoin has shown stability throughout the last two weeks, consolidating between $0.34 and $0.46. Based on 24-hour volumes (excluding USDT), the memecoin is the sixth most traded asset, maintaining market interest overall, according to Cointelegraph’s data. The original meme currency is on the verge of a breakout, according to some analysts, as DOGE technicals in the chart become increasingly favorable.

Dogecoin Accumulation Trends Point to Potential Bullish Move, Analysts Predict

Over the last two weeks, DOGE values have fluctuated laterally, but in recent days, whale transactions valued at over $100,000 and $1 million have steadily climbed. In December, addresses that executed transactions totaling over $100,000 and $1 million gained over 240 million DOGE coins, according to Santiment data.

A DOGE price rally‘s subsequent leg may be triggered by these accumulation trends. In a similar vein, futures traders continue to be interested in DOGE’s movement. On Nov. 24, the meme coin’s open interest hit a new all-time high of $4.05 billion. The relative involvement is still at an all-time high despite OI having now fallen to $3.48 billion.

In addition to on-chain data, some analysts have taken notice of Dogecoin’s positive setups on its mid- and long-term charts. The rising wedge pattern that is establishing a bullish confluence with the on-balance volume signal was noted by independent analyst Mikybull. This was viewed by the trader as a possible opportunity.

$DOGE is about to pull another god candle to $1.

Mikybull

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