Key Insights :
- The reason why Dogecoin is going up could be the whales’ rising interest and the recent breakout of the resistance level.
- After being in a downtrend for a prolonged period, Dogecoin (DOGE) finally broke out from a descending trendline.
- The daily chart reveals that this might be the only beginning following the breakout of the resistance level. DOGE is now poised for massive upside momentum.
According to data from CoinMarketCap, DOGE was trading at nearly $0.1665. Dogecoin has surged 20% in the past 24 hours, showing strong upside momentum.
This rally comes when major cryptocurrencies like Bitcoin, Ethereum, and Solana face challenges and struggle to gain traction.
During the same period, its trading volume jumped by 15%. This indicated heightened participation from traders and investors compared to the previous day. Exchange outflows and bullish price action drive this jump in trading volume and the potential price surge.
Dogecoin Technical Analysis and Key Levels
Experts suggest that DOGE’s rise is driven by its bullish price action. This pattern has formed on the daily chart, signaling strong upward momentum.
The chart reveals that Dogecoin has recently broken out from a prolonged resistance it had faced since the beginning of 2025. It has also closed a daily candle above that resistance, further strengthening the bullish outlook.
In addition to this breakout, the four-hour chart revealed that DOGE has successfully formed an ascending triangle. It is now on the verge of a breakout.
If this occurs, the meme coin will break out of this pattern and breach the 200-day EMA. The 200 EMA, along with the trendline, has provided strong resistance to the meme coin.
If this breakout occurs successfully, DOGE could continue going up and may regain all of its previous losses. Despite the recent gains the meme coin has witnessed over the past few days, the RSI still holds a neutral position.
This indicated that if the momentum continues, Dogecoin has enough room to soar significantly in the coming days.
Bullish On-Chain Metrics
DOGE’s recent price action and upside momentum have attracted strong interest from investors and long-term holders. According to Coinglass, traders have built significant positions, reflecting growing confidence in the meme coin.
Exchanges have seen a significant outflow of $10.74 million worth of Dogecoin in the past 24 hours. Over the last 48 hours, this outflow has increased to $16.76 million.
This substantial outflow from exchanges indicates potential accumulation. This could increase buying pressure and further upside momentum for the meme coin.
In addition to the bullish outlook from long-term holders, traders are following the same trend. At press time, the primary liquidation levels were $0.153 on the lower side (support) and $0.171 on the upper side. Traders are over-leveraged at these levels, increasing the risk of volatility.
Data further reveals that traders have built $78.92 million worth of long positions at the lower level and $27.68 million at the upper level. This may explain why Dogecoin is increasing.
However, these levels will be liquidated once the DOGE price moves in either direction. When combining these metrics with technical analysis, the bulls dominate and could support the meme coin rallying over the coming days.