Dogecoin (DOGE), the world’s largest meme coin, is poised for a notable upside rally after being sideways for almost a week. Whales or institutions always tend to accumulate in this sideways price range, as DOGE’s price action and on-chain metrics support its bullish outlook.
Whale Activity: Large Transactions Up 42%
Recently, data from the on-chain analytics firm IntoTheBlock has gained notable attention from crypto enthusiasts. According to the firm, DOGE’s large transaction volume jumped by 42%, indicating that whales and institutions have made significant transactions in the past 24 hours.
This notable rise in large transaction volume over the past 24 hours hints at a bullish market outlook for both traders and investors.
Dogecoin Technical Analysis and Upcoming Level
According to expert technical analysis, DOGE has broken out of a bullish descending triangle price action pattern. However, it is currently consolidating in a tight range and facing strong resistance at the $0.38 level.
Based on recent price action, if the meme coin breaches this resistance level and closes a daily candle above $0.38, there is a strong possibility it could soar by 15%, reaching the $0.45 level in the coming days.
However, if the meme coin manages to hold itself above the $0.45 level, DOGE could potentially reach the $0.57 level in the coming days.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indication an uptrend.
Bullish On-Chain Metrics
In addition to technical analysis, on-chain metrics further reinforce DOGE’s bullish outlook. According to the on-chain analytics firm Coinglass, DOGE’s Long/Short ratio on Binance currently stands at 3.45, reflecting strong bullish sentiment among traders.
The data also reveals that 77% of top traders currently hold long positions, while 23% hold short positions. This ratio is the highest recorded since the beginning of October 2024.
Currently, DOGE is trading near $0.37 and has registered a gains 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 amid the bullish price action pattern.
