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- Dogecoin has breached a critical resistance barrier in the past few hours.
- As long as prices remain above $0.26, the odds should be in favor of the bulls.
- More buying pressure could push DOGE to $0.43.
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Dogecoin is the latest meme coin that appears poised to resume its bullish trend. Both technical and in-chain metrics indicate that DOGE may enter a new uptrend in the short term.
Dogecoin is ready to resume the uptrend
Dogecoin appears to be hacking after a five-month consolidation period.
Since late April, the 10th largest cryptocurrency by market capitalization has developed a descending triangle on the daily chart. As DOGE price made a series of lower highs, the $0.17 level acted as support.
The recent surge in buying pressure appears to have pushed Dogecoin beyond the hypotenuse, which could be considered a breakout. If DOGE manages to print a daily candlestick close above $0.26, it is possible for the coin to enter a bullish rally of 78% towards $0.43.
This impressive upside target will be determined by measuring the y-axis of the triangle and adding that distance to the breakout point.
whales are back
The number of large transactions on the network (that is, those that have Values greater than $100,000) can serve as a proxy for measuring the activities of institutional players and whales. A significant increase in large transactions could indicate that wealthy investors are starting to position themselves in a new bullish trend.
There are currently approximately 2,200 large transactions on the Dogecoin network, which is a 100% increase since September 28. Increased activity on the chain may indicate that whales are beginning to dominate the price movement.
If this gauge starts posting a series of higher rallies, the odds are likely to be in favor of the bulls, and DOGE may realize its bullish potential.
It is worth noting that a decisive candle close above $0.26 should occur to validate the bullish expectations. Failure to recover this level as the support could lead to a sharp correction for Dogecoin as $0.20 and $0.17 are the main areas of interest below it.
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