Amid ongoing price reversal, the top meme coin Dogecoin (DOGE) is poised for a significant upside rally as transactions from whales and institutions skyrocket. On October 5, 2024, a prominent crypto expert made a post on X (Previously Twitter) that the number of large Dogecoin transactions on the network continues to rise.
This large transaction on the network suggests that institutional players and DOGE whales are positioning themselves for a potential upside move. However, this notable transaction occurred when the market was crashing last week due to the Middle East tension.
Despite notable transactions, DOGE’s price remains stable. Currently, it is trading near $0.108 and has experienced a price surge of 0.25% in the past 24 hours. During the same period, DOGE’s trading volume volume declined by 40%, indicating lower participation from traders and investors.
According to expert technical analysis, DOGE has started recovering and has formed a doji candle and a bullish morning candlestick pattern at the bottom of the support level, indicating a bullish price reversal.
Based on the historical price momentum, if DOGE closes a daily candle above the $0.111 level, there is a strong possibility that it could soar by 17% to reach the $0.13 level in the coming days.
As of now, the meme coin is trading below the 200 Exponential Moving Average (EMA) indicating a downtrend. Meanwhile, DOGE’s Relative Strength Index (RSI) suggests a bullish price reversal as it currently stands near the oversold area.
Despite DOGE’s bullish outlook, on-chain metrics suggest less conviction in the bullishness. According to the on-chain analytic firm Coinglass, DOGE’s Long/Short ratio currently stands at 0.94, indicating bearish market sentiment among traders. However, 51.41% of top traders hold short positions, while 48.59% hold long positions.
Additionally, DOGE’s future open interest has declined by 4%, indicating the liquidation of traders’ positions despite the price reversal, which is often considered a bearish sign.
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