Dogecoin (DOGE) is the world's largest meme token, and after consolidating for nearly a week, a significant upward rebound is expected. With DOGE's price movement and on-chain indicators supporting its bullish outlook, whales or institutions tend to accumulate funds within this sideways price range.
Whale activity: Large transactions increase by 42%
Recently, data from on-chain analysis firm IntoTheBlock has attracted significant attention from cryptocurrency enthusiasts. The firm stated that the large transaction volume for DOGE has surged by 42%, indicating that whales and institutions have conducted a large number of trades in the past 24 hours.
The significant increase in large trading volume over the past 24 hours suggests that both traders and investors are optimistic about the market outlook.
Technical analysis of Dogecoin and upcoming levels
According to expert technical analysis, DOGE has broken through a bullish descending triangle price pattern. However, it is currently consolidating within a narrow range and facing strong resistance at the $0.38 level.
Based on recent price trends, if the meme coin breaks through this resistance level and closes above $0.38 on a daily candle, it is likely to surge 15% and reach the $0.45 level in the coming days.
However, if the meme coin can maintain a level above $0.45, DOGE may reach $0.57 in the coming days.
As of now, DOGE's daily trading price is above the 200 Exponential Moving Average (EMA), indicating an upward trend.
Bullish on-chain indicators
In addition to technical analysis, on-chain indicators further strengthen the bullish outlook for DOGE. According to data from on-chain analysis firm Coinglass, the long/short ratio for DOGE on Binance is currently 3.45, reflecting strong bullish sentiment among traders.
Data also shows that 77% of top traders currently hold long positions, while 23% hold short positions. This ratio is the highest recorded since October 2024.
Currently, DOGE is trading at approximately $0.37, with an increase of over 4.15% in the past 24 hours. During the same period, its trading volume has grown by 8%, indicating increased participation from traders and investors amid bullish price action.
