Dogecoin (DOGE) Breakout Alert! Bulls Eye 30% Rally
Dogecoin (DOGE), the popular and world’s largest cryptocurrency, is poised to soar again thanks to its bullish price action. DOGE has been consolidating within a tight range for over three weeks and forming a bullish pattern on the daily time frame.
Dogecoin (DOGE) Technical Analysis and Key Levels
According to expert technical analysis, dog The ascending triangle pattern has been broken out and is moving upward. Based on recent price action and historical momentum, if DOGE sustains this breakout and closes above the $0.45 level, it has a good chance of surging 30% to $0.57 levels in the coming days.
On the positive side, DOGE’s relative strength index (RSI) currently sits at 65, which is below overbought territory, indicating that the meme token still has plenty of room to rise. RSI is a technical indicator used by traders and investors to determine whether an asset is in overbought or oversold territory, helping them make informed trading decisions.
Bullish on-chain indicators
According to on-chain analytics company IntoTheBlock and coin glass.
Data from IntoTheBlock shows that DOGE’s large transaction volume surged 42% in the past 24 hours, indicating increased participation by whales and institutions. Additionally, the exchange witnessed DOGE outflows worth $103.43 million.
In the cryptocurrency world, outflows are when assets move from exchanges to wallets, signaling underlying upward momentum, possible buying opportunities, and reduced selling pressure.
Current Price Momentum
At press time, DOGE was trading close to $0.44, with prices up more than 4.10% in the past 24 hours. However, its trading volume fell by 23% during the same period, indicating that traders and investors were less engaged than in previous days.
