Emergency alert! Dogecoin (DOGE) could rise by 50%, key insights
Following an impressive 46% rally in recent days, Dogecoin (DOGE) is making waves in the crypto landscape. Now, MemCoin looks set for another big rally in the coming days, with strong price comparisons on the daily time frame.
Dogecoin (DOGE) technical analysis and upcoming levels
According to CoinPedia's technical analysis, DOGE is on the verge of breaking out of a critical resistance level, the March 2024 high. It may rise by 50% to reach the $0.35 level in the coming days.
However, with the current market sentiment, this popular price rally is easily possible. DOGE is currently trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend.
DOGE's Bullish On-Chain Metrics
In addition to technical analysis, on-chain metrics further support DOGE's bullish outlook. According to on-chain analytics firm IntoTheBlock, DOGE's on-chain metrics, such as net network growth, in-funds, concentration and large transaction volume, indicate bullishness.
In addition, traders are currently placing significant bets on DOGE futures contracts, as open interest has increased by 18% in the past 24 hours and by 11% in the past four hours, according to the chain analytics company Coinlas. Additionally, DOGE's long/short ratio currently stands at 1.02, indicating bullish sentiment among traders.
Combining these on-chain metrics with technical analysis, it seems bulls are currently dominating the asset and could support DOGE in the coming days.
Current price momentum
At press time, DOGE was trading around $0.227, up more than 14 percent in the last 24 hours. During the same period, transaction volume rose by 23 percent, indicating higher merchant participation.
