Dogecoin (DOGE) is exhibiting signs of a bullish trend, as indicated by recent on-chain metrics and market indicators.
IntoTheBlock's metrics snapshot reveals a "Mostly Bullish" sentiment, with specific indicators pointing towards bullish trends. Net network growth remains stable, with a slight increase indicating potential for growth. Similarly, the "In the money" metric suggests profitability for a significant portion of addresses, influencing investor holding patterns.
Concentration of DOGE holdings reflects a decentralized spread, reducing the risk of price manipulation. A decrease in large transactions may signify stable, organic market movements, while bid-ask volume imbalance leans bullish, indicating dominance of buy orders.
Dogecoin/USDT Chart by TradingView
The trading chart for DOGE supports these indicators, with the cryptocurrency finding support around $0.1444 and resistance near $0.1600. This price movement, coupled with a gentle uptick in trading volume, suggests sustained interest and potential for upward movement.
Overall, the on-chain situation for Dogecoin favors bullish sentiment, although the market may witness significant changes with the influx of new liquidity in the future.
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