Dogecoin (DOGE) has been in the spotlight following a recent 46% rally. The article examines technical analysis and on-chain metrics indicating further growth.
Dogecoin Analysis and Potential Growth Levels
According to CoinPedia's technical analysis, DOGE is on the verge of breaking a crucial resistance level—the March 2024 high. If DOGE successfully breaks this level and closes a daily candle above it, it could reach the $0.35 level in the coming days. Currently, DOGE is trading above the 200-day Exponential Moving Average (EMA), indicating an uptrend.
DOGE’s On-Chain Metrics
Besides technical analysis, DOGE's on-chain metrics also suggest a bullish trend. According to IntoTheBlock, metrics such as Net Network Growth, In the Money, Concentration, and Large Transactions Volume indicate a positive trend. Additionally, DOGE's open interest in future contracts has jumped by 18% in the last 24 hours and 11% in the last four hours, further indicating bullish sentiment among traders.
Current Price Momentum
At press time, DOGE is trading near $0.227 and has experienced a price increase of over 14% in the last 24 hours. During the same period, its trading volume increased by 23%, indicating heightened participation from traders amid a potential upside rally.
Combining technical analysis and on-chain metrics confirms Dogecoin's potential growth in the coming days. Current market dynamics show high interest from traders and support from bulls in the upcoming rally.
