Dogecoin (DOGE), the global leader among meme coins, is poised for a significant rally after a week of sideways movement. Whale activity and blockchain metrics support its bullish outlook.
Whale Activity: Large Transactions Up 42%
Recent data from the analytics firm IntoTheBlock has caught the attention of cryptocurrency enthusiasts. According to the firm, DOGE’s large transaction volume rose by 42%, indicating significant transactions by whales and institutions over the past 24 hours.
Dogecoin Technical Analysis and Upcoming Levels
Expert technical analysis shows that DOGE has broken out of a descending triangle. However, it is consolidating in a tight range and facing strong resistance at the $0.38 level. If DOGE breaches this resistance and closes above $0.38, it could soar by 15% to reach $0.45 in the coming days.
Bullish On-Chain Metrics
On-chain indicators further support DOGE’s bullish outlook. According to Coinglass, the Long/Short ratio on Binance is 3.45, indicating strong bullish sentiment among traders. Currently, DOGE trades near $0.37, with gains of 4.15% in the past 24 hours.
Dogecoin shows signs of steady growth, supported by whale activity and optimistic technical and blockchain indicators. Traders and investors remain active, contributing to increased trading volume.
