TLDR
- Analyst KrissPax predicts Dogecoin could reach $3 using logarithmic scale analysis
- Dogecoin saw record-high trading activity in November 2024
- RSI bounces from oversold zone previously led to 40% and 200% price increases
- Retail FOMO suggests possible dip before potential rally
- Multiple analysts project $1-5 price range, with $5+ considered unrealistic
Dogecoin trading volume reached unprecedented levels in November 2024, setting a new all-time high across all exchanges. The surge in activity comes as multiple analysts release price predictions ranging from $1 to $3 for the popular cryptocurrency.
Trading data from CryptoQuant shows record-breaking transaction counts in both spot and futures markets during November. This increase in trading activity marks a clear departure from previous volume peaks observed in early 2021 and mid-2023.
Retail trader participation has notably increased, according to market data. This surge in retail activity has led some analysts to suggest a potential short-term price dip before any sustained upward movement. Historical patterns from May 2024, January 2023, and May 2021 show similar retail participation spikes preceded market corrections.
Crypto analyst KrissPax released a detailed price prediction using logarithmic scale analysis. The analysis connects monthly price tops from 2017 and 2021, suggesting a path to $3. KrissPax emphasizes that reaching $1 would be the first key milestone in this projected movement.
Dogecoin chart is so bullish – new Golden Cross on the MACD averages below the Zero line could take the next bull rally on $DOGE up towards $1.
Chart: TATrader_Alan pic.twitter.com/7QnQSrhAOz
— KrissPax (@krisspax) November 29, 2024
Technical analyst Trader Tardigrade points to the Relative Strength Index (RSI) on four-hour charts as evidence for potential price movement. Previous RSI bounces from oversold zones resulted in 40% and 200% price increases. The analyst notes strengthening pump intensity in recent market movements.
Market data shows Dogecoin currently trading around $0.4, with increasing volume supporting recent price movements. Trading platforms report sustained buying pressure following periods of selloffs, particularly when technical indicators reach oversold conditions.
Analyst Philip provides additional support for higher price targets, suggesting $5 as a conservative estimate based on previous market cycle performance. This prediction considers historical price patterns and market behavior during past bullish phases.
However, not all analysts agree with the higher price predictions. Master Kenobi warns that price targets above $5 may be unrealistic when considering market capitalization implications. He suggests a more conservative range between $1 and $2 for the current market cycle.
The recent trading volume surge spans both spot and derivatives markets, indicating broad-based participation across different trading venues. Exchange data shows increased activity across all major trading pairs involving Dogecoin.
Market observers note that the current retail trading frenzy shares characteristics with previous high-volume periods. These periods typically featured increased media attention and social media activity around the cryptocurrency.
Trading patterns show concentrated activity during specific time periods, with Asian and European market hours seeing particularly heavy volume. This suggests global participation in the recent trading surge.
Recent data indicates a shift in trading patterns, with larger block trades becoming more frequent. This change in trading behavior suggests increased institutional participation alongside retail activity.
Exchange order books show growing depth at various price levels, indicating improved market liquidity compared to previous high-volume periods. This increased liquidity potentially supports more stable price movement during large trades.
Technical indicators beyond RSI also show evolving market conditions. Moving averages and volume profiles suggest changing market dynamics compared to previous trading periods.
The surge in trading activity coincides with broader market movements in the cryptocurrency space. However, Dogecoin’s volume increase outpaces many other major cryptocurrencies during this period.
