Dogecoin (DOGE), the popular and the world’s largest crypto-meme coin is poised to soar again because of its bullish price action. For over three weeks, DOGE has been consolidating within a narrow range and has formed a bullish pattern on a daily time frame.
According to expert technical analysis, DOGE has broken out from an ascending triangle pattern and is heading upward. Based on recent price action and historical momentum, if DOGE sustains this breakout and closes a daily candle above the $0.45 level, there is a strong possibility it could soar by 30% to reach the $0.57 level in the coming days.
On the positive side, DOGE’s Relative Strength Index (RSI) currently stands at 65, below the overbought territory, indicating that the meme coin still has enough room to rise. The RSI is a technical indicator used by traders and investors to determine whether an asset is in an overbought or oversold area, helping them make informed trading decisions.
In addition to the positive technical analysis, whales and institutions have shown a strong interest and confidence in the meme coin, as reported by on-chain analytics firms such as IntoTheBlock and Coinglass.
Data from IntoTheBlock revealed that the large transaction volume for DOGE has surged by 42% in the past 24 hours, indicating heightened participation from whales and institutions. Additionally, exchanges have witnessed $103.43 million worth of DOGE outflows.
In the cryptocurrency context, outflow refers to the transfer of assets from exchanges to wallets, which indicates potential upside momentum, a possible buying opportunity, and reduced selling pressure.
At press time, DOGE is trading near $0.44 and has registered a price gain of over 4.10% in the past 24 hours. However, during the same period, its trading volume decreased by 23%, indicating reduced participation from traders and investors compared to previous days.
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