- 68.28% of top DOGE traders on Binance may be holding long positions, indicating a bullish signal
- DOGE’s price could soar only if it closes a daily candle above the $0.185-mark
With its impressive upside momentum, Dogecoin (DOGE) has been making waves and garnering massive attention from whales and investors. In fact, over the past few days alone, the memecoin broke out of a descending trendline on the charts.
At the time of writing though, the price appeared to be consolidating.
Surge in whale participation, bullish signal?
This ongoing consolidation, along with rising whale transactions, hinted at potential accumulation and could benefit DOGE’s price in the long run.
Data from the on-chain analytics firm IntoTheBlock revealed that whale transactions worth $1 to $10 million skyrocketed by 540.47%, while transactions worth over $10 million surged by 8060%. This indicated heightened participation from whales and institutions amid the ongoing price consolidation.
Source: IntoTheBlock
The metrics further highlighted that large transaction volumes over the past 24 hours have surged by 41.12%, while daily active addresses jumped by 34.91% over the same period.
When combining these metrics, it’s clear that interest from whales and institutions in the memecoin surged significantly over the past few days. Also, the whales might have any insider knowledge about the memecoin and could be positioning themselves to seize the opportunity.
Current price momentum and traders’ interest
At press time, DOGE was trading near $0.179 after falling by 1.45% over the past 24 hours. During the same period, its trading volume dropped by 43%, indicating lower participation from retailers and investors, compared to previous days.
Despite the price decline and sideways market, however, traders have been strongly betting on the bullish side, as reported by the on-chain analytics firm Coinglass.
The Binance DOGEUSDT long/short ratio stood at 2.15, indicating strong bullish sentiment among traders. According to the data, 68.28% of top DOGE traders on Binance held long positions, while 31.72% held short positions.
Source: Coinglass
Any upcoming levels?
According to AMBCrypto’s analysis, DOGE seems to be in a sideways trend as it has been consolidating in a tight range between $0.175 and $0.185 for the past five trading days.
Looking at the daily chart, this level appears to be a make-or-break situation for the memecoin.
Source: Trading View
Based on its recent price action, if DOGE’s price soars and breaks out of the consolidation, closing a daily candle above the $0.185-mark, it could pave the way for a 10% upside move until the price hits the $0.205-mark.
Conversely, if the memecoin breaks down, it could push DOGE’s price down by 7.5% to the next support level at $0.162 in the future.