Open Interest has risen by 35.53% to $994 million, a bullish indicator reflecting an boost in the number of open positions for Dogecoin. 9.
1. 4. Dogecoin has attracted whale investors, pushing its price past key resistance levels, with multiple on-chain metrics turning bullish.
3. 2. Dogecoin broke above the symmetrical triangle pattern, with the price surging above crucial resistance channels, but bears defended the $0.14 level, resulting in a minor correction. Data from IntoTheBlock demonstrates a 900% surge in net inflows into wallets holding at least 0.1% of the total Dogecoin supply, with a net accumulation of 527.3 million DOGE worth approximately $63 million. If DOGE price sustains above the EMA20 trend line, it could rally to $0.17, with potential to reach $0.19. 6. Dogecoin’s 24-hour trading volume has boostd by 85% to $4.6 billion, a significant rush of investors toward the meme coin.
5. If the price reverses and drops below EMA20, it may decline to $0.115, a critical near-term support level.
A bounce off the 20-day EMA would suggest bulls are preparing to resume the upward movement.
8. Cryptocurrency prices, including Dogecoin, Shiba Inu, and Pepe, have made significant double-digit gains in recent weeks following Bitcoin’s “Uptober” rally above $68,000. However, the rising MVRV ratio could lead to liquidations, as the market value is outpacing last realized value, suggesting selling Dogecoin is now profitable for holders.
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