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Dogecoin, the leading cryptocurrency in the “meme coin” field, continues to stir the crypto market with remarkable achievements. Over the past few days, DOGE has been on a strong rise, recording an impressive growth of up to 100%, bringing DOGE’s price up twice in just 1 week.
The optimism surrounding DOGE is fueled by recent price action, strong interest from traders and investors, and positive on-chain metrics.
Dogecoin Technical Analysis and Key Levels
Based on the technical analysis, DOGE is facing a key resistance level at $0.29 — a level it last touched in November 2021. Given the current situation and bullish market sentiment, DOGE is likely to easily surpass this level.
If the memecoin breaks the resistance and closes the daily candle above $0.226, DOGE is likely to surge and move towards $0.34 in the coming days. Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating a clear bullish bias.
Whales and Investors Involvement
In addition, DOGE’s large trading volume has increased by 5.5% in the past 24 hours, according to data from IntoTheBlock.
This significant trading volume reflects strong participation from institutional investors and “whales” as DOGE price approaches the resistance, opening up a potential upside outlook.
Considering all the metrics, IntoTheBlock is now bullish on Dogecoin.
DOGE Open Interest Increases
Read more: Bitcoin Continues to Set New ATH, Following Historical Cycles
According to Coinglass, a chain analytics firm, traders are placing a lot of faith in DOGE. Data shows that DOGE’s open interest has increased by 19% in the past 24 hours and is continuing to increase. This increase shows strong confidence in the meme coin and could support its upcoming price increase. Combining on-chain metrics with technical analysis, it can be seen that buyers are dominating the Dogecoin market. During the same period, trading volume has increased by 43%, showing strong participation from investors and traders as DOGE approaches a key breakout level.
