- Dogecoin has risen 8% in two weeks, with bullish signals from key technical indicators.
- Whale transactions have increased, indicating growing interest from major holders.
With the broader cryptocurrency market showing signs of recovery, Dogecoin [DOGE] is riding the wave of bullish momentum.
Over the past two weeks, the popular memecoin has risen 8%, with another 2.1% in the past 24 hours.
This uptrend puts DOGE’s current trading price at $0.1065, indicating a potential breakout on the horizon.
Dogecoin’s upward momentum
Amid this price surge, prominent crypto analyst Ali has done just that outlined two critical indicators that could point to continued bullish movement for DOGE.
In a recent post on
Source: Ali/X
The RSI, a momentum oscillator, typically signals overbought or oversold conditions.
A break above the descending trendline signals increasing buying momentum, suggesting DOGE could be poised for a sustained rally.
Moreover, if Dogecoin succeeds overcoming the resistance at $0.11this could signal a clear bullish breakout, potentially leading to further price gains.
Both signals are crucial to keep an eye on in the coming days as they could determine DOGE’s next major price move.
Growing strength
Dogecoin’s fundamentals were also showing signs of strength at the time of writing.
Specifically, the asset’s open interest, which represents the total number of active futures and options contracts, is up 5.20% to $506.41 million at the time of writing, indicating more traders are taking positions in the market.
However, Open Interest volume, which measures the total number of contracts traded within a given time frame, is down 2.26% and stood at $986.60 million at the time of writing.
Source: Coinglass
This difference between rising Open Interest and falling Volume suggested that while more traders were entering the market, they were doing so cautiously, possibly waiting for further confirmation of a bullish trend before committing larger volumes.
This trend could indicate that DOGE is gearing up for a major move, depending on how the market reacts to these indicators.
Another bullish signal comes from whale activity, which refers to large trades typically worth more than $100,000.
Facts from IntoTheBlock showed that Dogecoin had seen a notable increase in whale transactions in recent weeks. After a brief dip below 600 whale transactions last week, the number has now risen to almost 1,000.
Source: IntoTheblock
Read Dogecoins [DOGE] Price forecast 2024–2025
This increase in whale activity often signals greater interest from institutional or wealthy investors, which can provide additional liquidity and upward pressure on prices.
The increase in whale transactions indicates that major players are accumulating DOGE, possibly anticipating further price increases in the near future.
