Binance, the largest cryptocurrency exchange, is currently experiencing relatively intense Dogecoin (DOGE) trading activities. In the last 24 hours, market participants traded a staggering 648,235,545 DOGE, leading to a 12% surge in the meme coin's trading volume on the exchange.

This spike in interest comes as DOGE begins a climb from the $0.17 support level, according to CoinMarketCap data. Dogecoin has witnessed severe fluctuations within the last seven days, with the price plummeting as low as $0.1455.

However, DOGE has registered a significant recovery and looks likely to begin a rally. Notably, the token is inching closer to key resistance levels, which, in previous cycles, signaled a breakout in price.

Based on historical precedent, some analysts consider the current development to be a case of DOGE going through an accumulation phase, which serves as a "buy opportunity" for investors before the price soars. This might explain the massive activity on Binance.

According to CoinMarketCap data, the DOGE price was trading at $0.1747, representing a 2.71% increase in the past 24 hours.

Although prices remain about 31% lower than 30 days ago at $0.2563, analysts are making positive projections. Notably, if DOGE support holds and it climbs to $0.20, they anticipate it could rally to $2.70.

This bold optimism relies on the average price performance of DOGE in the last 11 years. Notably, DOGE has only recorded less than 0.5% growth in March.

However, the meme coin followed this with a huge spike of 68.2% in April. Cryptorank figures signal this growth is likely if history repeats itself.

Market observers opine that the intense trading activity on the largest crypto exchange might rely on this data. Market participants are taking advantage of the low price to accumulate and betting on a price rally in April if the market cycle repeats.