Dogecoin (DOGE) Prepares for Potential 70% Surge: On-Chain Data Signals Bullish Momentum

Dogecoin (DOGE) is showing signs of a potential price surge, with on-chain metrics pointing toward a 70% increase. The absence of major selling pressure could push DOGE towards the $0.17 mark, as 73% of holders are currently in profit, reducing selling risk.

Dogecoin (DOGE) 70% Surge Incoming? Important On-Chain Data

Dogecoin (DOGE) is exhibiting bullish momentum, according to critical on-chain data, suggesting a significant price surge may be on the horizon. With minimal selling pressure and a strong base of holders in profit, the stage is set for a potential upward rally.

The Global In/Out of the Money Indicator reveals that approximately 73% of Dogecoin addresses are currently in profit, indicating a lower likelihood of widespread selling. This means fewer investors are under pressure to exit their positions, reducing downward momentum. Historically, a high percentage of profitable holders signals a strong market position for the asset.

Dogecoin’s path upward seems relatively clear, with the next major resistance level sitting around the $0.17 mark. The current data indicates that DOGE could potentially surge by 70%, approaching this price point where resistance may emerge. Traders should keep an eye on this level, as breaking through it could lead to further bullish movement, while failing to breach it may trigger a pullback or consolidation period.

Whales Prepare for the Surge

Adding to the bullish outlook, large-scale investors, or whales, have been increasing their activity, indicating preparation for a future price increase. Historically, such movements by institutional investors precede significant price swings, given their market-moving capabilities. This uptick in whale activity suggests confidence in DOGE’s near-term price potential, increasing the likelihood of a surge.

However, traders should also be cautious of any significant resistance at or near the $0.17 level, which could lead to a short-term pullback or consolidation. Breaking through this threshold would pave the way for a longer rally, but failure to do so might bring DOGE back to lower levels before gathering momentum again.

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