DOGE, the native cryptocurrency of the Dogecoin blockchain, continues to consolidate near €0,10 per token, despite an increase in trading volumes since the start of the week. According to CoinGecko, Dogecoin trading volumes were around $800 million in the last 24 hours. Meanwhile, according to TradingView citing exchange data from Binance, the number of Dogecoin tokens traded on Monday reached its highest level since last Wednesday of more than 134 million.
Compared to Dogecoin trading volumes before Elon Musk's recent acquisition of Twitter in late October, this is high. Prior to the acquisition, Binance's trading volumes (according to TradingView) regularly ranged between 10 and 30 million tokens per day. But compared to recent weeks, when daily trading volumes were in the hundreds of millions of tokens, Monday's volumes were nothing out of the ordinary. This is because normal volumes are consistent with Dogecoin price consolidation – trading volumes typically increase along with large price movements.
Price Prediction: DOGE to Pull Back Towards €0.09?
Dogecoin's bullish momentum, which hit fresh multi-week highs above €0,11 on Monday, appears to have faded. DOGE/USD is no longer in a clear uptrend, as it was a few days ago. Over the next few days, cryptocurrencies may consolidate alongside broader markets with no significant macro updates expected.
DOGE/USD could easily return to support at the €0.09 area, which acted as key resistance in August and mid-November (and may now become support), and is also where the 21- and 50-day moving averages reside.