Recent on-chain data reveals a significant increase in large transaction volume for DOGE, suggesting a potential bullish reversal. Combined with consistent outflows from exchanges and a potential double-bottom pattern, DOGE appears poised for a price rally.
On-chain metrics have revealed a significant 360% surge in large transaction volume for DOGE . This bullish reversal signal has captured the attention of crypto enthusiasts, leading to increased participation in the past 24 hours. Data from on-chain analytics firm IntoTheBlock indicates that DOGE has experienced a substantial 40% jump in large transaction volume over the past day.
Furthermore, Coinglass, another on-chain analytics firm, has reported consistent outflows of DOGE from exchanges globally since its price decline. In the last 24 hours alone, exchanges witnessed a notable outflow of $20.65 million worth of DOGE. Taken together, these on-chain metrics suggest that bullish sentiment is returning to support the memecoin. DOGE has reached the crucial price reversal zone of $0.30, a level known for its history of significant price rallies. According to AMBCrypto's technical analysis, following the recent price decline, DOGE appears to be forming a bullish double-bottom pattern on the daily timeframe. Based on recent price action, if DOGE maintains its position above the $0.30 level, there is a strong possibility of a 30% surge to reach $0.42 in the near future. Despite a significant price drop of over 28% in the past 10 days, DOGE has managed to stay above the Exponential Moving Average (EMA) on the daily timeframe, indicating that the memecoin remains in an uptrend. Looking at the bullish outlook, the major liquidation areas are near $0.31. Traders holding long positions have accumulated $47.21 million worth of long positions. At press time, DOGE was trading near $0.324 after experiencing a price decline of 2.55% in the past 24 hours. During this same period, its trading volume dropped by 20%, suggesting lower participation from traders and investors compared to the previous day
DOGE Cryptocurrency On-Chain Metrics Bullish Reversal Price Surge Large Transaction Volume Exchanges Double-Bottom Pattern
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