The post Whales Jump on Dogecoin (DOGE), Bull Run Incoming? appeared on BitcoinEthereumNews.com.

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. Source: IntoTheBloack 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. Source: Trading View 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. Source: Coinglass The data also reveals that 77% of top traders currently hold long positions, while 23% hold short positions. This ratio…

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Filed under: News - @ November 19, 2024 2:20 am