- Dogecoin’s Open Interest (OI) rose 15%, indicating traders’ belief and trust in the memecoin
- Whales’ large transaction volume also increased by 41%
Dogecoin (DOGE), the world’s largest memecoin, is now likely to catch the attention of whales and institutions as it may be poised for a 28% upside rally. This positive speculation can be attributed to strong price action, significant interest from traders and investors, and growing political support.
In fact, the greater cryptocurrency market appears bullish at the moment, with major cryptocurrencies such as Ethereum (ETH), Solana (SOL), and XRP continuing to soar north. The larger altcoin market doing well will only add to Dogecoin’s own bullish outlook.
Dogecoin’s technical analysis and key levels
After a significant rally of 150%, DOGE has entered a consolidation zone over the past two weeks. However, this consolidation appeared to form an ascending triangle pattern on the charts, as shown by AMBCrypto’s technical analysis.
Source: TradingView
Based on historical momentum and recent participation in whales, if DOGE breaks the neckline of the ascending triangle pattern and closes a daily candle above $0.45, it could rise 28% to reach the $0.58 level in the coming days .
On the upside, DOGE appeared to be trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an up or down trend, allowing them to make informed positioning decisions based on the asset’s behavior.
In addition to technical analysis, whales and traders appear to be heavily participating in the memecoin, as reported by on-chain analytics firms such as IntoTheBlock and Coinglass.
Participation of whales and traders
By November 30, whales’ high transaction volume had increased by 41%, reflecting their faith and trust in the memecoin.
Source: IntoTheBlock
In addition to long-term holders, traders have also shown more interest in the memecoin, as reported by Coinglass. For example, DOGE’s Open Interest (OI) is up 15% in the last 24 hours and 7.8% in the last four hours. This increase in OI refers to the formation of new positions as DOGE’s price approached the breakout level.
Combining these on-chain metrics with technical analysis suggested that bulls strongly dominate the memecoin and this could help DOGE achieve its predicted goal.
Credit : ambcrypto.com
