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Dogecoin 
$0.247088 (DOGE) is signaling a potential recovery following a recent decline. As the cryptocurrency market experiences a general upward trend, DOGE stands out with strong price movements.
Dogecoin Gains Support from Traders
In the last 24 hours, Dogecoin has appreciated by 4.05%, currently trading at $0.33. This price increase commenced with robust buying at the critical support level of $0.31.
With increasing interest from traders, the trading volume has also risen by 8.5% compared to the previous day. This activity in altcoins reflects growing investor confidence and strengthening upward potential. According to technical analysis, if DOGE can maintain the $0.31 support level, there is a strong possibility for a short-term price increase of 25%, potentially reaching $0.41.
Furthermore, DOGE appears to be forming a double bottom pattern on its daily chart. This pattern is typically seen as a precursor to significant upward movement, and Dogecoin is currently in the process of completing this formation.
On-Chain Data Indicates Upward Momentum
The positive market sentiment is also supported by on-chain data. According to Coinglass, the outflow of DOGE from exchanges to wallets has reached a value of $11.50 million. Such outflows generally indicate that investors are increasing their long-term holdings, signifying growing buying pressure.
Additionally, confidence in DOGE futures is noteworthy. The current long/short ratio is at 1.056, marking the highest level seen since December 2024. Among prominent investors, 53.5% have taken long positions, while 46.5% remain in short positions.
As an important technical indicator, the Relative Strength Index (RSI) stands at 45, suggesting that Dogecoin is not in an oversold territory and still holds further upward potential.
Considering all these factors, it can be stated that Dogecoin may sustain its upward trend and test the $0.41 level in the coming days. However, it remains crucial for the $0.31 level to hold as a strong support.
