Dogecoin [DOGE], the largest token of the crypto meme sector, has been continuously making waves in the realm of the crypto industry with its impressive performance.
Dogecoin [DOGE], the crypto meme sector’s top token, has made waves in the crypto industry with its performance.
Over the last few days, DOGE has registered a gain of over 45%, and now seems set for another 50% rally in the coming days.
DOGE’s bullish speculation is fueled by its recent price action, strong interest from traders and investors, and positive on-chain metrics.
Dogecoin technical analysis and key levels
According to AMBCrypto’s technical analysis, at press time, DOGE was facing a crucial resistance level of $0.223 — a level it last touched in March 2024.
Source: TradingView
Given the present price action and overall bullish market sentiment, it seems likely that DOGE will easily breach this level.
If the memecoin breaches this resistance and closes a daily candle above $0.226, there is a strong possibility it could surge by 50% to reach the $0.34 level in the coming days.
At the moment, DOGE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Whale and investor participation
Moreover, the large transaction volume for DOGE has increased by 5.5% in the last 24 hours, as per data from IntoTheBlock.
This significant transaction volume indicates heavy participation from institutions and whales as the price approaches the resistance level, signaling a bullish outlook.
Examining all the parameters, IntoTheBlock indicates a bullish signal for Dogecoin.
DOGE’s rising Open Interest
On-chain analytics firm Coinglass, suggests that traders are also heavily betting on DOGE. According to the data, DOGE’s Open Interest has surged by 19% in the past 24 hours and has been steadily rising.
Source: Coinglass
This growing Open Interest suggests strong confidence in the meme coin and could support its upcoming rally.
When combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
Current price momentum
At the time of writing, DOGE is hovering near $0.227 and has recorded an impressive gain of over 8.9% in the past 24 hours.
During the same period, its trading volume has increased by 43%, indicating significant participation from traders and investors as the price approaches the breakout level.
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