Dogecoin's price is displaying bullish momentum with a possible rally towards the $5 mark. Here's what the technical analysis of $DOGE reveals:

Price Patterns Show Strong Momentum

  1. Below Dogecoin's price chart shows successive ascending triangle breakouts. It is signaling growing investor confidence.

  2. Key breakouts: $0.10- $0.25- $0.75.

  3. A potential breakout above $1.5 could lead to the anticipated $5 target which is contingent on market support.

DOGE chart | Source: Trading View

CVD Reveals Declining Order Volumes

  • Total order volumes dropped by over 1.2 billion (April-December 2024). It refected bearish sentiment.

  • Large and mid range orders declined sharply. Smaller orders remained stable.

  • A temporary spike in late November signaled unsustainable buying pressure.

DOGE CVD | Source: Quan Nguyen/X

Futures Data Indicates Accumulation

  • $DOGE futures open interest surged to 106.95 billion DOGE.

  • Top holders: Gate.io (28.21B), Binance (26.68B), and Bybit (21.17B).

  • Whale trades are exceeding $100,000. It fueled record open interest of 10.35 billion DOGE.

Key Takeaways

  1. Breaking the 50-day SMA confirmed bullish momentum with resistance near $0.40.

  2. Accumulation trends and whale activity could push DOGE towards the $0.50 and $1 targets.

  3. Declining CVD volumes highlight market uncertainity which may hinder further rallies.

Will the bulls prevail, or will declining demand hold them back? Share your thoughts below!

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