Dogecoin (DOGE), the world's largest meme cryptocurrency, is poised for another surge due to its positive price action. For over three weeks, it has been trading within a narrow range, forming a bullish pattern on the daily chart.
DOGE Technical Analysis and Key Levels
According to expert technical analysis, DOGE has broken out of an ascending triangle, signaling further upside potential. If DOGE sustains this breakout and closes a daily candle above the $0.45 level, there is a high likelihood of a 30% rally to $0.57 in the coming days.
The Relative Strength Index (RSI) currently stands at 65, below the overbought zone, indicating that DOGE has sufficient room to grow. RSI is a key indicator that helps traders determine whether an asset is overbought or oversold, aiding informed trading decisions.
Bullish On-Chain Metrics
Whales and institutions have shown significant interest in DOGE, as highlighted by data from the analytics platforms IntoTheBlock and Coinglass.
Key metrics include:
The volume of large DOGE transactions increased by 42% in the last 24 hours, signaling heightened activity from whales and institutions.
DOGE exchange outflows reached $103.43 million, indicating that traders are transferring assets to wallets, reducing selling pressure and increasing buying potential.
Current DOGE Price Momentum
As of now, DOGE is trading near $0.44, reflecting a 4.10% increase over the past 24 hours. However, trading volume during the same period has dropped by 23%, suggesting reduced trader activity compared to previous days.
DOGE is currently at a critical juncture. If the bulls can maintain the momentum, a 30% surge may be within reach.
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