Dogecoin Current Price (11/30/2021 at 12AM ET): $0.2253 (+9.36%)
Breaking news: Despite solid gains, 1 Doge still equals 1 Doge. Ultimate fungibility, wow.
Dogecoin has started to break out of its sideways trading to begin an ascent upwards, ranging from a low of $0.2030 to a high of $0.2274 over the last 24 hours for a range of $0.0244 or 12.02%. This range has now broken into double-digits along with a significant volume increase to 2.25B over the last 24-hours, a massive 141.4% increase over yesterday's volume of 932M. Rising volumes and rising prices indicate that people are no longer fearing downward movements and are bidding up the order books.
Analysis: Dogecoin had been stably trending sideways for several days, but has seen a significant volume and price increase over the last 24 hours. 24-hour volume over the last several days had been around 1B, and has more than doubled today. Volume had been drying up, but the significant increase might mean that fomo is starting to come back on the menu. The 20 cent line held as a strong floor, reassuring investors to take a chance as the price began to rise up. If this increased volume sustains or grows further, a rise to 25 cents and beyond becomes significantly more likely.
Prediction: Dogecoin is beginning to break out of the 20 cent stalemate, breaking out of the 19 to 21 cent bounds it was stuck in for most of the last week. The closest psychological levels are 10 cents and 25 cents, and with a strong floor sustained around 20 cents along with low volume showing diamond hands hodling, investors are likely to feel comfortable buying more between 22 and 25 cents and dogecoin seems likely to continue to move upwards to $0.25. With volume rising, Dogecoin appears to be gaining more interest and sideline cash seems to be getting deployed.
The volume chart remains likely to be the most critical metric to watch. Continued and increasing buying pressure is likely needed to sustain a rally, but this current volume has lifted doge from 20 to 22 cents and continues to help doge march towards 25 cents. Doge to the moon, and beyond.
Chart and Data Sources:
Price Data - Kraken
Simple Chart: https://www.kraken.com/en-us/prices/doge-dogecoin-price-chart/usd-us-dollar?interval=24h
Detailed Chart: https://trade.kraken.com/charts/KRAKEN:DOGE-USD?period=15m
Volume Data - CoinMarketCap
Summary Page: https://coinmarketcap.com/currencies/dogecoin/
