Dogecoin is still ripping through the charts after multiple developments, including the announcement from the team that a physical DOGE coin is being sent to the moon. These developments are, however, not the only things driving the price given that indicators are still pointing toward a bullish breakout for the price.
Dogecoin Signal For 23000% Surge
Crypto analyst Tony The Bull has identified an indicator that triggered a 23000% surge in the Dogecoin price the last time it appeared. This signal is produced by the 1-Month (1M) Parabolic SAR and could send the DOGE price above $10.
To put this in perspective, the last time that this indicator lined up was back in 2021. This was when Elon Musk’s posts were at the height of their popularity. So coupled with the bullish indicator, it continuously pushed the price until it rose more than 23000%.
In 2021, the Dogecoin price had gone from $0.0025 to $0.7 as a result. If this trend were to repeat itself in the same manner, the peak of the surge could put the price above $18, depending on if it runs out the complete 23000%.
This dog is ready to bite #Dogecoin tags 1M Parabolic SAR
— Tony “The Bull” (@tonythebullBTC) November 16, 2023
However, just like the last time that this indicator appeared, it could take a while until it plays out fully. As the analyst explains in another post, it took the meme coin just shy of one year to complete its 23000% move after the parabolic SAR appeared the last time.
DOGE bulls hold $0.0834 | Source: DOGEUSD on Tradingview.com
DOGE Metrics Heading Up
Although the Dogecoin price has seen a slowdown over the last day, its metrics point to a sustained rally. One example of this is the incredible jump in its trading volume over the last day. As interest has risen in the meme coin, the daily trading volume is up over 100% and is currently sitting at $1.9 billion.
This suggests increased buying and selling but as demand pushes through, the price is expected to continue its rally. In addition to this, anticipation leading up to the Dogecoin mission to the moon in December will mount and the launch could trigger new entrants into the asset.
Presently, Dogecoin is still maintaining a good portion of its 24-hour gains, making it one of the top gainers in the market. Its price crossed $0.086 after rising over 8% in one day. But the DOGE price has since dropped down to $0.0839, accounting for 3.88% gains on the daily chart.