Whales Jump on Dogecoin (DOGE), Bull Run Incoming?

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.

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.

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.

The data also reveals that 77% of top traders currently hold long positions, while 23% hold short positions. This ratio is the highest recorded since the beginning of October 2024.

Currently, DOGE is trading near $0.37 and has registered a gains of over 4.15% in the past 24 hours. During the same period, its trading volume increased by 8%, indicating heightened participation from traders and investors amid the bullish price action pattern.