After a prolonged downtrend, the Dogecoin prediction is showing signs of a strong bullish reversal. On the four-hour timeframe, the meme coin appears to be slowly breaking out of its key resistance level, which it has been facing for an extended period.
Current price momentum
At press time, DOGE is trading near $0.185 and has recorded a modest price surge of 1.35% over the past 24 hours. However, earlier, the meme coin was experiencing slight downside momentum, but with strong investors’ and traders’ interest, it showed an impressive recovery.
Data from CoinMarketCap reveals that DOGE has recorded a 15% jump in its trading volume during this period.
Dogecoin (DOGE) price action and technical analysis
According to Crypto Time Now’s technical analysis, DOGE appears bullish and is poised for significant upside momentum.
As per the four-hour chart, the meme coin had been consistently facing resistance from a descending trendline. However, after consolidating for nearly three days, DOGE now appears to be breaking out of both the trendline and the consolidation pattern, which seems to be a bullish sign for the meme coin.
Dogecoin price prediction
Based on the recent price action and historical patterns, if the meme coin closes a daily candle above the $0.19 level, the Dogecoin prediction suggests a strong 32% upside move until it reaches the $0.25 level.
On the other hand, Dogecoin prediction could turn bearish or remain unchanged if it fails to sustain above the $0.19 level.
As of now, DOGE’s 200-day Exponential Moving Average (EMA) on the four-hour timeframe is trading above the meme coin’s price, indicating that the asset is in a short-term downtrend.
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On-chain metrics flash a bullish signal
Given the current market sentiment, traders and investors have shown strong interest in the meme coin, with some taking long positions and others accumulating tokens, according to the on-chain analytics firm Coinglass.
$10.90 million worth of DOGE outflow
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have recorded a significant outflow of $10.90 million worth of DOGE. This substantial outflow, recorded within 24 hours, potentially suggests accumulation by whales and investors amid the price dip.
Such a notable outflow of any asset ahead of a breakout is a bullish sign and may lead to increased buying pressure and further upside momentum.
$27.5 million worth of bullish bets
Meanwhile, traders have been strongly betting on long positions. At press time, $0.1776 is a key level where traders are heavily over-leveraged, with $27.47 million worth of long positions built. On the other hand, $0.1868 is another over-leveraged level on the upper side, where traders have built $14.89 million worth of short positions.
When combining these on-chain metrics with DOGE’s price action, it appears that bulls are dominating, suggesting a potential upside rally in the coming days.
