Dogecoin tests a macro breakout, with bullish on-chain signals and large transactions up 3.05%, indicating upward momentum.
A successful retest of this downtrend could signal the start of a new macro-uptrend, potentially driving DOGE prices higher in the near future.At press time, DOGE is trading at $0.1047, showing a slight decline of 0.42% in the past 24 hours. However, the market is watching closely as the price hovers near key support levels following the breakout from the macro downtrend.
The Relative Strength Index sits at 45, indicating neutral momentum. If DOGE fails to hold its current support near $0.10, further downside could occur. However, a successful retest would likely pave the way for renewed bullish momentum.On-chain activity paints an optimistic picture for DOGE. According to recent metrics, large transactions have risen by 3.05%, indicating increased whale activity.
Despite a minor bearish signal in net network growth , the overall concentration and transaction data suggest a potentially bullish setup in the coming weeks.The macro outlook for DOGE hinges on whether it can successfully retest and hold above the former downtrend line. This crucial retest could serve as the catalyst for a larger price rally.
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