Alert: Dogecoin (DOGE) Breakout! 30% Rally in the Bulls’ Eye
Due to its bullish price action, Dogecoin (DOGE), the most well-known and largest cryptocurrency meme in the world, is set to rise once more. On a daily basis, DOGE has been forming a bullish pattern and consolidating within a small range for more than three weeks.
Technical Analysis of Dogecoin (DOGE) and Important Levels
Expert technical analysis indicates that DOGE is on the rise after emerging from an ascending triangle formation. If DOGE maintains this breakout and closes a daily candle above the $0.45 level, there is a good chance it will rise by 30% to reach the $0.57 level in the upcoming days, according to historical momentum and recent price action.
The meme coin still has room to increase, as evidenced by DOGE’s Relative Strength Index (RSI), which is currently at 65, below the overbought area. In order to make well-informed trading decisions, traders and investors utilize the RSI, a technical indicator, to ascertain whether an asset is in an overbought or oversold region.
Positive On-Chain Indicators
On-chain analytics companies like IntoTheBlock and Coinglass have revealed that, in addition to the positive technical analysis, whales and institutions have demonstrated a high interest and confidence in the meme currency.
The huge transaction volume for DOGE increased by 42% over the last day, according to data from IntoTheBlock, suggesting that whales and institutions are becoming more active. Exchanges have also seen DOGE outflows totaling $103.43 million.
Outflow in the context of cryptocurrencies is the movement of assets from exchanges to wallets, which suggests a possible purchasing opportunity, less selling pressure, and possibly upward momentum.
Momentum in Prices Right Now
DOGE is currently trading close to $0.44 and has increased in value by more than 4.10% over the last day. Its trading volume, however, dropped by 23% at that time, suggesting that fewer dealers and investors participated than in prior days.
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