The latest on-chain data shows a significant outflow of $150.03 million for Dogecoin (DOGE), indicating growing interest and potentially rising confidence from investors.
Long-term investors and whales continue to accumulate DOGE amid a price drop of more than 13.5%, reflecting confidence in the asset’s potential future recovery.
“The breakout shows potential bullish momentum,” according to a source at Coinglass, highlighting the optimistic mood around DOGE.
During the recent market sell-off, Dogecoin experienced a notable price drop. However, investor interest remains strong. On-chain analytics firm Coinglass notes that whales and long-term investors continue to actively accumulate DOGE. This trend demonstrates confidence in the asset’s long-term value and continues to be sustainable despite the overall market volatility.
The $150.03 million outflow from exchanges reinforces investors’ optimistic sentiments and creates a strong foundation for a potential price rally for DOGE. Currently, 83.15% of top traders on Binance are holding long positions, indicating a generally optimistic mood in the community.
Technical indicators suggest that DOGE is holding just above the critical support level at $0.345. According to COINOTAG data, if buying pressure continues, the price action could show an optimistic trend. If DOGE can stay above this support level, experts predict a potential rally to $0.45, indicating an increase of around 25%.
These strong fundamentals combined with technical analysis create an optimistic outlook for DOGE. At the time of writing, DOGE is trading at $0.36 and has seen a small decline of around 4.65% in the last 24 hours. However, trading volume has increased by 51%, indicating increased investor interest and participation.