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Recent on-chain metrics reveal a significant outflow of $150.03 million in Dogecoin (DOGE), signaling heightened interest from investors.
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Despite a price decline of over 13.5%, long-term investors and whales are accumulating DOGE, highlighting confidence in its potential recovery.
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“The outflow is an indicator of potential upside momentum,” stated a source from Coinglass, emphasizing the bullish sentiment surrounding DOGE.
Explore the recent surge in Dogecoin interest despite a 13.5% decline, with over $150 million in outflows indicating bullish investor sentiment.
Rising Interest in Dogecoin
Amid the recent market sell-off, Dogecoin has encountered a notable price drop; however, investor interest remains robust. On-chain analytics firm Coinglass reports that whales and long-term holders are actively accumulating DOGE. This trend indicates confidence in the asset’s long-term value despite broader market volatility.
The significant DOGE outflow of $150.03 million from exchanges showcases a strategic move by investors opting to hold rather than trade. This behavior typically suggests a bullish outlook and a belief that current prices may present a buying opportunity.
Source: Coinglass
This influx of long-term holding suggests a potential for upward price movement, supported by strong trader optimism. Currently, 83.15% of top traders on Binance are maintaining long positions, reflecting a collective bullish sentiment in the community.
Technical Analysis and Key Levels
Technical indicators show that DOGE has maintained itself just above the crucial support level of $0.345. Following COINOTAG’s insights, the price action suggests an optimistic trajectory if sustained buying pressure continues. If DOGE effectively holds above this support, experts anticipate a potential rally towards $0.45, marking a potential increase of 25%.
Source: TradingView
Combining these strong fundamentals with technical analysis forms a bullish outlook for DOGE. At the time of writing, DOGE is trading near $0.36, having faced a minor decline of approximately 4.65% in the last 24 hours; however, the trading volume surged by 51%, reflecting increased investor interest and engagement.
Conclusion
The current landscape for Dogecoin indicates a complex interplay of declining prices contrasted with increasing accumulated interest from long-term holders and bullish trading sentiment. As the market evolves, DOGE’s ability to retain key support levels will be crucial in determining its short-term trajectory. For investors, the potential for a rebound remains, particularly if the asset can capitalize on the ongoing interest from both traders and whales.
