Dogecoin (DOGE), the world’s largest and most popular meme coin, is poised to continue its upward momentum after consolidating for two weeks. The positive outlook for DOGE potentially caused by the bullish price action and Donald Trump’s victory in the United States presidential election.
Following the election results, DOGE has soared more than 150% without taking a pause. However, from November 12 to November 30, 2024, it has remained in a small consolidation zone between $0.353 and $0.428.
Amid the ongoing consolidation in DOGE, expert technical analysis suggests that the daily chart of the meme coin has formed a bullish ascending triangle pattern and is on the verge of a breakout. However, DOGE’s current price has reached a level where it has historically faced selling pressure and downside momentum.
Based on recent price action and historical momentum, if DOGE breaches this hurdle and closes a daily candle above the $0.45 level, there is a strong possibility it could surge by 30% to reach the $0.57 level in the coming days.
On the positive side, the meme coin has attracted notable interest from traders and investors, as reported by the on-chain analytics firm Coinglass. Over the last 24 hours, DOGE’s open interest (OI) has surged by 17% and increased by 11% in the past four hours. This growing open interest indicates traders’ strong belief and confidence in the meme coin, causing a rise in new open positions.
In addition to strong participation from traders, whales and institutions have also shown interest in the meme coin, as reported by the on-chain analytics firm IntoTheBlock. According to the data, the large transaction volume by whales has increased by 41.15%, indicating heightened activity from long-term holders
The combination of these bullish on-chain metrics and technical analysis suggests potential upside momentum in the coming days, presenting ideal buying opportunities.
At press time, DOGE is trading near $0.43 and has experienced an upside momentum of over 8.15% in the past 24 hours. During the same period, its trading volume has increased by 5.5%, indicating heightened participation from traders and investors amid a bullish outlook.
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