Dogecoin (DOGE) is the largest meme coin in the world and is expected to see a significant upward rebound after nearly a week of consolidation. Whales or institutions tend to accumulate within this price range as DOGE's price trend and on-chain indicators support its bullish outlook.
Whale activity: Large transactions increased by 42%
Recently, data from on-chain analysis company IntoTheBlock has drawn the attention of cryptocurrency enthusiasts. According to the company, the large transaction volume of DOGE has increased by 42%, indicating that whales and institutions have conducted a significant amount of trading in the past 24 hours.
The significant increase in large transaction volume over the past 24 hours suggests a positive market outlook among traders and investors.
Dogecoin technical analysis and upcoming levels
According to expert technical analysis, DOGE has broken out of a bullish descending triangle price action pattern. However, it is currently consolidating in a narrow range and facing strong resistance at the $0.38 level.
Based on recent price trends, if the meme coin breaks this resistance level and closes above $0.38 on the daily chart, it is likely to soar 15%, reaching the level of $0.45 in the coming days.
However, if the meme coin manages to stay above $0.45, DOGE could reach the level of $0.57 in the coming days.
As of now, DOGE's trading price is above the 200 exponential moving average (EMA) on the daily time frame, indicating an upward trend.
Bullish on-chain indicators
In addition to technical analysis, on-chain indicators further strengthen the bullish outlook for DOGE. According to data from on-chain analysis company Coinglass, the long/short ratio of DOGE on Binance is currently 3.45, reflecting strong bullish sentiment among traders.
Data also shows that currently, 77% of top traders hold long positions, while 23% hold short positions. This ratio is the highest recorded since early October 2024.
Currently, DOGE is trading close to $0.37, with an increase of over 4.15% in the past 24 hours. During the same period, its trading volume increased by 8%, indicating heightened participation from traders and investors in a bullish price action pattern.
