Dogecoin (DOGE), the largest meme coin in the world, is preparing for a notable price surge after trading sideways for nearly a week. Whales or institutions tend to accumulate within this range of sideways prices, as the price action of DOGE and on-chain metrics support its bullish outlook.
Whale activity: Large trades up 42%
Recently, data from the blockchain analytics company IntoTheBlock has drawn significant attention from cryptocurrency enthusiasts. According to the company, the large trading volume of DOGE has increased by 42%, indicating that whales and institutions have made significant trades in the past 24 hours.
A significant increase in large transaction volume over the past 24 hours indicates a bullish market outlook for both traders and investors.
Dogecoin technical analysis and upcoming levels
According to technical analysis from experts, DOGE has broken out of a descending triangle price pattern. However, it is currently consolidating in a narrow range and facing strong resistance at $0.38.
Based on recent price movements, if this meme coin breaks through this resistance level and closes a daily candle above $0.38, it is highly likely that this coin will surge by 15%, reaching $0.45 in the coming days.
However, if this meme coin can hold above $0.45, DOGE is likely to reach $0.57 in the coming days.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a bullish trend.
On-Chain Index bullish
In addition to technical analysis, on-chain metrics further reinforce DOGE's bullish outlook. According to the on-chain analytics company Coinglass, the Long/Short ratio of DOGE on Binance is currently at 3.45, reflecting strong bullish sentiment among traders.
Data also shows that 77% of top traders are currently holding long positions, while 23% are holding short positions. This ratio is the highest recorded since the beginning of October 2024. Currently, DOGE is trading at nearly $0.37 and has recorded an increase of over 4.15% in the past 24 hours. During the same period, its trading volume increased by 8%, indicating increased participation from traders and investors in the context of a bullish price action pattern.
