Whales Jump on Dogecoin (DOGE), Bull Run Incoming?
Dogecoin (DOGE), the world’s largest meme coin, is expected to stage a significant upward rebound after trading sideways for nearly a week. As DOGE’s price action and on-chain indicators support its bullish outlook, whales or institutions will always tend to accumulate funds in this sideways price range.
Whale activity: Large transactions up 42%
Recently, data from on-chain analytics companies Enter the neighborhood has attracted significant attention from cryptocurrency enthusiasts. The company said DOGE’s large transaction volume surged 42%, indicating that whales and institutions traded heavily in the past 24 hours.
The significant rise in heavy trading volume over the past 24 hours suggests traders and investors alike are bullish on the market outlook.
Dogecoin Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE has broken out of a bullish descending triangle price action pattern. However, it is currently consolidating within a tight range and facing strong resistance at the $0.38 level.
Based on the recent price action, if Meme coin breaks this resistance and closes the daily candle above $0.38, there is a good chance that it will surge by 15% to reach $0.45 levels in the coming days.
However, if the meme coin can maintain levels above $0.45, DOGE may reach $0.57 levels in the coming days.
DOGE has been trading above the 200 exponential moving average (EMA) on a daily basis so far, indicating an uptrend.
Bullish on-chain indicators
In addition to technical analysis, on-chain indicators further reinforce the bullish outlook for DOGE. DOGE’s long/short ratio on Binance currently stands at 3.45, reflecting strong bullish sentiment among traders, according to on-chain analytics firm Coinglass.
The data also shows that 77% of top traders currently hold long positions, while 23% hold short positions. This rate is the highest recorded since October 2024.
Currently, DOGE is trading close to $0.37, up more than 4.15% in the past 24 hours. Its trading volume increased by 8% during the same period, indicating increased participation from traders and investors amid bullish price action patterns.
