Dogecoin (DOGE), the popular and largest meme coin in the cryptocurrency space, appears to be shifting towards a bullish trend after several days in a downtrend. As of January 30, 2025, along with other major assets, DOGE seems to be recovering, forming a bullish price action.
With a positive market outlook, DOGE is currently trading near $0.33 and has experienced a price surge of over 4.05% in the past 24 hours.
Following a price reversal from the crucial support level of $0.31, traders and investors have shown strong interest and confidence in the meme coin, resulting in an 8.5% increase in trading volume compared to the previous day.
According to expert technical analysis, DOGE appears to be forming a bullish double-bottom price action pattern on the daily time frame. However, the meme coin’s bullish price action is still in formation, and it is currently at a support level of $0.31, which has a history of strong bullish price reversals.
Based on the recent price action, if DOGE holds this support level, there is a strong possibility it could soar by 25% to reach the $0.41 level in the coming days.
On the positive side, DOGE’s Relative Strength Index (RSI) currently stands at 45, indicating strong potential for the meme coin to rally further.
Looking at the bullish price action and market sentiment, traders and investors have been betting on and accumulating the meme coin, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $11.50 million worth of DOGE.
In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, suggesting potential accumulation. This can create buying pressure and lead to a further upside rally.
Apart from this, traders seem to be strongly betting on the long side. Currently, the DOGE Long/Short ratio stands at 1.056, indicating strong bullish sentiment among traders, the highest since the beginning of December 2024.
Data further revealed that 53.5% of top traders hold long positions, while 46.5% hold short positions.
When combining these on-chain metrics with the technical analysis, it appears that bulls are strongly supporting and dominating the meme coin and could help it achieve the predicted level in the coming days.
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