After a remarkable 46% surge in recent days, Dogecoin (DOGE) has been causing a stir in the cryptocurrency world. It seems that the meme coin is gearing up for another significant rally in the near future, as it has established a strong bullish price action pattern on its daily time frame.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, DOGE is approaching a crucial resistance level, the high of March 2024. With recent price movements and historical momentum, if DOGE manages to break above this level and close a daily candle above it, there is a strong chance it could surge by 50% to reach the $0.35 mark in the upcoming days.
With the current market sentiment, this significant price surge seems quite achievable. Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on its daily time frame, signaling an uptrend.
DOGE’s Bullish On-Chain Metrics
Aside from technical analysis, on-chain metrics also indicate a bullish outlook for DOGE. According to the on-chain analytics firm IntoTheBlock, metrics like Net Network Growth, In the Money, Concentration, and Large Transactions Volume show a bullish signal for DOGE.
Furthermore, traders are showing significant interest in DOGE’s future contracts, as its open interest has surged by 18% in the last 24 hours and 11% in the past four hours, as reported by the on-chain analytics firm Coinglass. Additionally, DOGE’s Long/Short ratio currently stands at 1.02, indicating a bullish sentiment among traders.
By combining these on-chain metrics with technical analysis, it appears that bulls are currently in control of the asset and could drive DOGE higher in the upcoming rally.
Current Price Momentum
Currently, DOGE is trading around $0.227 and has seen a price increase of over 14% in the last 24 hours. During the same period, its trading volume has risen by 23%, indicating increased participation from traders in anticipation of a potential uptrend.
