DOGE, the widely recognized king of meme coins, is beginning to exhibit signs of a potential resurgence in its bullish momentum after enduring several weeks of bearish pressure. The cryptocurrency has demonstrated an impressive recovery over the past seven days, with its price surging by a significant 16.3%, reaching a peak of $0.115.<\/p>\n
This upward movement marks a notable shift in pace<\/a> for DOGE, which had spent most of the month either falling downward or consolidating.<\/p>\n This recent price recovery has renewed bullish momentum and aligns with a resurgence in crucial on-chain metrics. These metrics, which include increased trading volumes, increased outflow from exchanges, a rise in whale transactions, and a rise in buy orders, collectively indicate that the sentiment surrounding DOGE is again turning optimistic.\u00a0<\/p>\n Various Dogecoin on-chain metrics<\/a> point to DOGE undergoing a bullish rally as we enter a new week. Notably, metrics from IntoTheBlock<\/a> signal bullish, with two on-chain signals and two exchange signals turning green.\u00a0<\/p>\n Regarding on-chain signals, the \u201cIn The Money\u201d metric has increased by 2.52%, while the \u201cLarge Transaction\u201d metric has increased by 1.65%, both bullish for DOGE. The first on-chain metric indicates the return of positive sentiment among holders, suggesting that many more holders are now in profit. More often than not, this gives most of them a reason to hold as the price rally unfolds.<\/p>\n Regarding exchange signals, the bullish sentiment is relayed through the \u201cBid-Ask Volume Imbalance.\u201d This metric recently turned green and has reached 28.87%. This imbalance indicates that buy orders significantly outweigh sell orders across various cryptocurrency exchanges, suggesting strong demand for DOGE. <\/p>\n When buy orders dominate the market in this manner, it often leads to upward price pressure, as sellers can command higher prices due to the increased buying interest.<\/p>\n The bullish momentum can be further relayed through crypto exchange inflow\/outflow data. Periods of negative sentiment are characterized by a high inflow rate into exchanges, which increases selling pressure. On the other hand, positive sentiment is characterized by notable outflows from exchanges. <\/p>\n Going by this ideology, inflows into exchanges have witnessed a drastic drop of -73.81% in the past 24 hours. Similarly, netflow (inflow minus outflow) has reduced by 120.56 million DOGE tokens in the same time frame, which suggests more withdrawals than deposits into exchanges.\u00a0<\/p>\n\n With metrics pointing bullish and the wider market receiving inflows, the only place left for DOGE to go is up. As the king of meme coins, a promising DOGE price action is good for all meme cryptocurrencies.<\/p>\n At the time of writing, DOGE is trading at $0.1088. Although it has reversed a bit since hitting $0.1147, it seems to have established support around $0.108. Another move to the upside from this support would undoubtedly trigger confidence among many investors.<\/p>\n Cover image from Dall-E, Chart from Tradingview<\/p>","protected":false},"excerpt":{"rendered":" DOGE, the widely recognized king of meme coins, is beginning to exhibit signs of a potential resurgence in its bullish momentum after enduring several weeks of bearish pressure. The cryptocurrency has demonstrated an impressive recovery over the past seven days, with its price surging by a significant 16.3%, reaching a peak of $0.115. This upward […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1348","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1348"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1348"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1348\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Dogecoin Metrics Turn Green<\/h2>\n
Dogecoin Eyes Bull Run<\/h2>\n