Is Dogecoin (DOGE) Ready for a Breakout? Key On-Chain Insights
Dogecoin (DOGE) On-Chain Data Shows More Rally Ahead
The crypto market can be seen recovering with assets like Dogecoin (DOGE). Doge is bouncing back after experiencing months of low. The price of Dogecoin jumped 12.67% in 24 hours recently. The meme coin has already touched the $0.3379 mark, and is expected to move further ahead with the current on-chain data.
Uptrend for Dogecoin?
The data signals more uptrend for the meme coin. If we keep the 24-hour price gain aside, there is still 9.6% jump for DOGE’s trading volume. It has over $11.6 billion shuffled in a single day’s time. This data is quite enough to predict a price rally for Dogecoin as it shows that there is enough liquidity to further increase the meme coin’s trading volume.
The past week saw the coin drop from $0.4109 high to $0.27 low. This seems to have been caused by Bitcoin’s correction as the only factor responsible. However, it did place DOGE in the list of altcoins that suffered loss. Now that the market is in its recovery, its weekly high is yet to come, giving the coin space to improve further.
On-chain statistics indicate that there’s a lot of intense activity going within the DOGE ecosystem. Intense activities can be seen throughout whale transactions. This metric, for Dogecoin transactions of at least $100,000, soared by 41.12% and reached $23.35B.
Chances are that that price will recover to compensate for the past week’s losses.
Key Fundamentals
Now, DOGE ETF is expected to become a reality given the positive shift in the US regulatory space. It seems quite possible, although there hasn’t been any push made for its filing. DOGE, in all, remains oversold at various timescales.
Dogecoin may reclaim its $0.4 mark of price in case it is able to flip the $0.35 resistance as support in the short term.
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