On-chain data reveals a strong bullish sentiment for Dogecoin (DOGE) as traders and long-term holders accumulate the memecoin. Despite a market downtrend, DOGE has seen a significant outflow of tokens from exchanges, suggesting confidence in a potential price surge.
On-chain metrics reveal a significant outflow of Doge coin ( DOGE ) memecoins from exchanges, amounting to $54 million in the past 48 hours. This movement suggests that long-term holders are accumulating DOGE at its current discounted prices, potentially anticipating a rally ahead of Donald Trump 's inauguration. Coinglass, an on-chain analytics firm, reports a strong bullish sentiment among traders, with a Binance DOGE USDT long/short ratio of 4.53. At press time, 81.
9% of top traders held long positions, indicating confidence in DOGE's future price performance despite the ongoing market correction.DOGE currently trades near $0.318, having experienced a decline of over 6.5% in the past 24 hours. However, its trading volume surged by 60% during the same period, highlighting heightened interest and participation from traders and investors. DOGE has reached a crucial support level of $0.30. If it holds above this level, a potential price rally of over 25%, reaching $0.40, could be on the cards. Conversely, if the price falls below $0.30 and closes lower, a decline of 25% to the next support level at $0.225 is possible.Technical analysts point to $0.30 as a make-or-break point for DOGE, given the prevailing market sentiment. The outcome will likely depend on whether traders and investors maintain their bullish stance or succumb to the prevailing market uncertainty. Vivaan Acharya, a Mumbai-based journalist with extensive experience in technology and finance, explains these developments and their implications for DOGE's future
DOGE Dogecoin Cryptocurrency Market Sentiment On-Chain Data Bullish Technical Analysis Trading Volume Support Level Donald Trump Vivaan Acharya
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