Dogecoin (DOGE) has been making headlines recently, with a notable 50% rally followed by a period of consolidation near the key resistance level of $0.25. This price action has caught the attention of traders and investors, as on-chain analytics tools Coinglass and IntoTheBlock report a surge in whale and institutional activity.
According to IntoTheBlock data, Dogecoin’s large transaction volume, often associated with whale activity, has increased by 41.12% in the past 24 hours. This uptick in activity suggests a growing interest and confidence in the meme cryptocurrency, signaling potential upward momentum in the near future.
In addition to whale activity, Dogecoin’s daily active addresses have also seen a significant uptick, rising by 34.91% during the same period. This increase in on-chain metrics indicates a positive outlook for DOGE despite its current price struggles.
Coinglass data reveals that bullish sentiment for Dogecoin is on the rise, with 75.08% of traders on Binance holding long positions on DOGE. The Binance DOGEUSDT Long/Short Ratio stands at 3, indicating strong bullish sentiment in the market. However, despite these bullish indicators, DOGE’s price has faced challenges in gaining momentum, trading near $0.2276 with an 8.40% decline over the past 24 hours.
Technical analysis suggests that DOGE has been consolidating near the $0.25 resistance level for the past three days, prompting speculation about the potential for a breakout or a correction. If Dogecoin closes a daily candle above $0.255, it could trigger a 20% rally towards the next resistance at $0.30. On the other hand, a daily candle closing below $0.22 could signal downside momentum in the coming days.
As traders and investors closely monitor Dogecoin’s price action and key levels, the question remains whether history will repeat itself or if bulls will be able to push past resistance this time. With growing interest from whales and institutions, the future of DOGE remains uncertain but promising as the meme cryptocurrency continues to capture the attention of the crypto community.