Dogecoin could surge by 25% to hit the next resistance level of $0.45 if it maintains its position above $0.345. Following the Fed Chair Jerome Powell's rate cut announcement and anti-crypto stance, market sentiment shifted negatively, leading to a significant sell-off across the crypto market. Amid this downturn, DOGE experienced a decline of over 13.5%. Despite this, on-chain analytics firm Coinglass reports strong interest from whales and long-term holders.
Data from DOGE’s Spot Inflow/Outflow revealed a substantial $150.03 million outflow of DOGE from exchanges. This metric indicates that large DOGE holders are withdrawing from exchanges, suggesting potential upward momentum and a favorable buying opportunity. Furthermore, traders exhibit strong optimism towards the meme coin. Coinglass’s Binance DOGEUSDT Long/Short Ratio stands at 4.93, signifying bullish sentiment. Driven by this positive sentiment, DOGE has held above the critical support level of $0.345. AMBCrypto’s technical analysis portrays DOGE as bullish, and with continued support, the meme coin has begun its upward movement on the daily timeframe. Based on technical analysis, if DOGE sustains above $0.345, it could potentially rally by 25% to reach the next resistance level of $0.45. Combining these on-chain metrics with technical analysis, it appears that bulls currently control the meme coin, protecting it from further price decline. At the time of writing, DOGE is trading near $0.36 and has seen a decline of over 4.65% in the past 24 hours. During the same period, its trading volume surged by 51%, indicating heightened participation from traders and investors compared to the previous day
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Source: CryptoAmb - 🏆 22. / 68 Read more »