Dogecoin (DOGE) has recently gained significant attention as it forms an ascending triangle price action pattern and is on the brink of a potential breakout. This comes after DOGE surged over 150% following the United States presidential election and has since been consolidating between $0.353 and $0.428. Expert analysis suggests that DOGE’s daily chart shows a bullish ascending triangle pattern, indicating a potential upward movement in the near future.
In terms of price prediction, if DOGE manages to close a daily candle above the $0.45 level, it could potentially surge by 30% to reach the $0.57 level. This positive momentum is further supported by bullish on-chain metrics, with notable interest from traders and investors. Coinglass has reported a 17% increase in DOGE’s open interest over the last 24 hours, with a further 11% increase in the past four hours. Additionally, large transaction volume by whales has surged by 41.15%, signaling increased activity from long-term holders.
The combination of bullish on-chain metrics and technical analysis suggests potential upside momentum for DOGE in the coming days, presenting promising buying opportunities for investors. At the time of writing, DOGE is trading near $0.43 and has experienced an 8.15% upside momentum in the past 24 hours, with a 5.5% increase in trading volume. This indicates heightened participation from traders and investors, further strengthening the bullish outlook for DOGE.
Overall, with the positive price action pattern, potential breakout, and increasing interest from traders and whales, Dogecoin (DOGE) appears to be in a strong position for continued upward momentum in the near future. The surge by 30% to the $0.57 level could be within reach if DOGE manages to break above the $0.45 level, providing an opportunity for investors to capitalize on the potential growth of the world’s largest meme coin.
