Whales Jump on Dogecoin (DOGE), Bull Run Incoming?

The post Whales Jump on Dogecoin (DOGE), Bull Run Incoming? appeared first on Coinpedia Fintech News

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.