Dogecoin (DOGE) Price Prediction: DOGE Building Momentum for Another Bullish Movement

Dogecoin [DOGE] has time and again taken investors by surprise for its ability to gain momentum in the market. From social media hype to active trading

Dogecoin [DOGE] has managed to keep traders engaged throughout 2023. Despite the broader crypto market displaying mixed signals, DOGE price action hinted at an upcoming bullish wave.

Here’s a closer look at what key on-chain metrics had to say about Dogecoin price.

Net exchange flows turned positive

A closer look at the net exchange flows revealed a positive 19% net flows. This indicated that more Dogecoin was flowing into exchanges than being withdrawn.

The positive net flows suggested that investors were preparing for potential price movements, especially considering the last time net flows were positive, DOGE price surged by 25%.

Large liquidation pool at $0.108

Coinglass data added another layer of bullish sentiment. The Dogecoin liquidation pool was over $5 million at the $0.108 price level. This meant that there was a strong interest and leverage in the market, placing bets upward.

Liquidation pools of this magnitude pointed toward strong market activities and, in most cases, triggered further upward price surges if the market sentiments remained this way.

Dogecoin social volume saw periodic spikes

According to Santiment data, Dogecoin’s social volume saw moderate spikes in the last month. While this was not a direct driver of price action, it was a key sentiment indicator.

Quite often, growing social volume hinted at community interest and participation in the market.

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