Dogecoin has seen a 40% increase in whale transactions and a $20.65 million exchange outflow, signaling a potential 30% price recovery.
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Strong Whale Activity Growth
On-chain analysis reveals that DOGE’s large transaction volume surged by 360%, indicating strong whale and institutional activity. Such a sharp increase typically suggests renewed investor interest, which could drive a significant price recovery.
Additionally, on-chain analytics firm Coinglass confirmed consistent DOGE outflows from exchanges, often a sign of accumulation by large investors. Over the past 24 hours, exchanges have recorded $20.65 million in DOGE withdrawals, a strong indicator of potential price rebound.
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DOGE is currently positioned near the key reversal zone at $0.30, a historically strong support and price surge level.
DOGE Technical Analysis: Bullish Pattern Suggests Possible Rally
According to technical analysis by TradingView, a bullish double-bottom pattern is forming on DOGE’s daily chart, a strong signal for a trend reversal.
The first bottom has already been formed.
The second bottom is now being confirmed.
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If DOGE holds above $0.30, it could see a 30% increase toward $0.42 in the near future.
Despite a 28% price decline over the past 10 days, DOGE has managed to stay above its exponential moving average (EMA) on the daily chart, indicating that it remains in a long-term uptrend.
Key Liquidation Zones and Price Dynamics
Given the bullish outlook, major liquidation zones are near $0.31. Traders holding long positions have accumulated $47.21 million in trades, while short sellers have $19.28 million in short positions around $0.335.
If DOGE’s price reaches these levels, short positions could be forced to close, potentially accelerating further gains.
At the time of writing, DOGE was trading at $0.324, representing a 2.55% decline in the last 24 hours. Meanwhile, its trading volume dropped by 20%, indicating lower investor activity compared to the previous day.
What’s Next for DOGE?
If DOGE maintains support at $0.30, there is a strong possibility of continued growth toward $0.42. The key factors to watch are trading volume and whale activity, as they will likely determine the next price move.
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