Dogecoin (DOGE), the leading meme coin, is poised for a remarkable upswing after a period of sideways trading. Whales and institutions have been accumulating DOGE within this range, supported by bullish price action and on-chain metrics.

Whale Activity: Surge in Large Transactions

Data from IntoTheBlock shows a 42% increase in large DOGE transactions within the past 24 hours, indicating significant institutional and whale activity. This surge suggests a bullish market outlook for traders and investors alike.

Technical Analysis and Upcoming Target

Technical analysis indicates that DOGE has broken out of a bullish descending triangle pattern. While consolidating currently, it faces resistance at $0.38. Breaking this resistance and closing above $0.38 could trigger a 15% rally to $0.45.

If DOGE sustains above $0.45, it could potentially reach $0.57. The coin's daily chart shows it trading above the 200 Exponential Moving Average (EMA), further supporting the uptrend.

Bullish On-Chain Metrics

On-chain metrics from Coinglass reinforce DOGE's bullish outlook. The Long/Short ratio on Binance stands at 3.45, indicating strong bullish sentiment among traders. Notably, 77% of top traders hold long positions, the highest since October 2024.

Currently trading near $0.37, DOGE has gained over 4.15% in the past 24 hours. Its trading volume has increased by 8%, reflecting the heightened interest amid the bullish price action.