Dogecoin (DOGE) Breakout Alert! Bulls Eye 30% Rally

Dogecoin (DOGE) Poised for Upswing

Dogecoin (DOGE), the prominent crypto-meme coin, is expected to resume its upward trajectory based on recent price action. Over the past three weeks, DOGE has consolidated within a narrow range, forming a bullish pattern on the daily chart.

Technical Analysis

DOGE recently broke out of an ascending triangle pattern, suggesting an upward trend. If it sustains this breakout and closes above $0.45, it has the potential to surge 30% to $0.57 in the near future. The Relative Strength Index (RSI) currently stands at 65, below overbought territory, indicating further upside potential.

On-Chain Metrics

Whales and institutions have expressed interest in DOGE, as evidenced by on-chain data from IntoTheBlock and Coinglass. The large transaction volume for DOGE has increased by 42% in the past 24 hours, indicating increased whale and institutional participation. Additionally, exchanges have recorded $103.43 million worth of DOGE outflows. In cryptocurrency, outflows typically suggest upside momentum and reduced selling pressure.

Current Price Momentum

At the time of writing, DOGE is trading at approximately $0.44, representing a 4.10% gain in the past 24 hours. However, trading volume has decreased by 23% during the same period, indicating reduced activity compared to previous days.