Dogecoin (DOGE), the world’s largest and most popular meme coin, is expected to continue its upward trend after two weeks of consolidation.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
DOGE surged more than 150% after the election results were announced. However, from November 12, 2024 to November 30, 2024, it has been in a small consolidation range between $0.353 and $0.428.
As DOGE continues to consolidate, expert technical analysis suggests that the meme coin has formed a bullish ascending triangle pattern on its daily chart and is about to break out. However, DOGE’s current price has reached a level that has historically faced selling pressure and downward momentum.
Dogecoin (DOGE) Price Prediction
Based on recent price action and historical momentum, if DOGE breaks through this barrier and closes on the daily chart above $0.45, there is a high chance that it could surge 30% to $0.57 levels in the coming days.
On-chain indicators are bullish
On the positive side, the meme coin has attracted a lot of interest from traders and investors, according to on-chain analytics firm Coinglass. In the past 24 hours, DOGE's open interest (OI) has surged by 17%, and has increased by 11% in the past 4 hours. This growing open interest indicates that traders have a strong belief and confidence in the meme coin, resulting in an increase in new positions.
In addition to active participation by traders, whales and institutions have also shown interest in the meme coin, according to on-chain analytics firm IntoTheBlock. According to data, large whale transactions increased by 41.15%, indicating an increase in activity from long-term holders.
The combination of these bullish on-chain indicators and technical analysis suggests that upside momentum could be present in the coming days, leading to an ideal buying opportunity.
Current Price Momentum
At press time, DOGE is trading near $0.43, with upside momentum exceeding 8.15% over the past 24 hours. During the same period, its trading volume has grown by 5.5%, indicating increased participation from traders and investors amid the bullish outlook.
