Dogecoin (DOGE) Poised for Another Massive Rally, Predicts Coinpedia's Technical Analysis

Following an impressive 46% rally in recent days, Dogecoin (DOGE) has been making waves in the crypto landscape. It now appears that the meme coin is poised for another massive rally in the coming days

Dogecoin (DOGE) has been making headlines with an impressive 46% rally in recent days. Now, technical analysis suggests that the meme coin is gearing up for another massive rally, having formed a bullish price action pattern on the daily time frame.

A closer look at the price chart reveals that DOGE is approaching a crucial resistance level, marked by the high of March 2024. If the meme coin manages to breach this level and close a daily candle above it, based on recent price action and historical momentum, there is a possibility of a 50% surge, bringing DOGE to the $0.35 level in the coming days.

However, given the current market sentiment, this significant price rally seems achievable. Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.

Dogecoin’s Bullish On-Chain Metrics

In addition to technical analysis, on-chain metrics are further bolstering the bullish case for DOGE. According to the on-chain analytics firm IntoTheBlock, DOGE’s on-chain metrics, including Net Network Growth, In the Money, Concentration, and Large Transactions Volume, are all flashing bullish.

Furthermore, traders are placing significant bets on DOGE’s futures contracts, as its open interest has surged by 18% in the past 24 hours and 11% in the past four hours, according to the on-chain analytics firm Coinglass. Moreover, DOGE’s Long/Short ratio is currently at 1.02, indicating bullish sentiment among traders.

Combining these on-chain metrics with technical analysis, it seems that the bulls are currently in control of the asset and could be有力助攻ing DOGE in its upcoming rally in the coming days.

Current Price Momentum

At press time, DOGE is trading close to $0.227 and has seen a price increase of over 14% in the past 24 hours. During the same period, its trading volume has also increased by 23%, indicating heightened participation from traders amid a potential upside rally.

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