Dogecoin is expected to rebound, targeting $0.45 or even higher

As the largest meme coin in the world, Dogecoin (DOGE) may be showing a significant upward rebound after nearly a week of consolidation.

Whale activity: On-chain analysis company IntoTheBlock shows that large transaction volumes of DOGE have increased by 42%. In the past 24 hours, there has been a large number of transactions from whales and institutions, suggesting that traders and investors are optimistic about the market outlook.

Technical analysis and upcoming levels: Expert technical analysis indicates that DOGE has broken through a bullish descending triangle price action pattern, currently consolidating in a narrow range and facing strong resistance at $0.38. If it breaks this resistance level and closes above $0.38 on the daily chart, it could likely surge 15% to $0.45; if it can maintain above $0.45, it may reach $0.57 in the coming days. Currently, DOGE is trading above the 200-day exponential moving average (EMA) within the daily timeframe, displaying an upward trend.

Bullish on-chain indicators: On-chain analysis company Coinglass shows that the long/short ratio for DOGE on Binance is 3.45, reflecting strong bullish sentiment among traders. Currently, 77% of top traders hold long positions, while 23% hold short positions, marking the highest ratio since early October 2024.

Currently, DOGE's trading price is close to $0.37, with an increase of over 4.15% in the past 24 hours, and trading volume has increased by 8%, indicating heightened participation from traders and investors in a bullish price action pattern. #marvin7055热度不错