Dogecoin is showing signs of an uptrend, according to recent on-chain metrics and market indicators.
Dogecoin is showing signs of an uptrend, according to recent on-chain metrics and market indicators.
Firstly, the indicator summarized in the metrics snapshot points to the “Mostly Bullish” sentiment on the IntoTheBlock homepage, with four indicators in the neutral zone and two indicating bullish trends. This general sentiment is supported by specific on-chain and exchange signals that reflect the underlying strength and dynamics of the Dogecoin market.
Net Network Growth: Located in the neutral zone with a slight increase of 0.14%, this metric indicates that the number of new addresses joining the network is stable. This stability is crucial to maintaining network health and potential growth.
In the money: Another neutral signal is at 0.49%, suggesting that a significant portion of addresses are at or near profitability, which may influence holding patterns among investors.
Concentration: The minimum concentration change of 0.03% reflects a decentralized spread of DOGE holdings, reducing the risk of price manipulation by large holders.
Large Trades: A slight -3.91% decline in large trades could suggest less immediate institutional or whale activity, aligning with more stable organic market movements.
Bid-Ask Volume Imbalance – With 0.57% bullish, this suggests a slight dominance of buy orders over sell orders, which may be a precursor to a price increase if the trend continues.
The Dogecoin trading chart further validates these indicators. Currently, DOGE is seeing support around the $0.1444 level, with resistance near $0.1600. Price movement within this range coupled with a gentle pick-up in trading volume points to sustained interest and upside movement potential.
Overall, Dogecoin’s on-chain situation is slightly tilted in favor of the bulls. However, we may see a drastic change in the situation in the foreseeable future if the market sees a wave of new liquidity.
