Dogecoin eyes price rebound amid $150M DOGE outflow

• 83.15% of top traders on Binance held long positions of DOGE.
• Dogecoin could soar by 25% to reach the next resistance level of $0.45 if it holds itself above the $0.345 mark.

Dogecoin [DOGE] was gaining attention from crypto enthusiasts despite a recent price decline.

Following the rate cut announcement and the anti-crypto stance by Jerome Powell, the Fed Chair, market sentiment shifted. This resulted in a significant sell-off in the crypto market.

Rising interest in Dogecoin 

Amid the market sell-off, DOGE has experienced a price decline of over 13.5%. Despite this decline, whales and long-term holders have shown strong interest in the meme coin, according to on-chain analytics firm Coinglass.

Data from DOGE’s Spot Inflow/Outflow revealed a significant $150.03 million worth of DOGE outflow from exchanges across the cryptocurrency market.

Source: Coinglass

The outflow is an on-chain metric showing how much DOGE whales and long-term holders have withdrawn from exchanges. These metrics suggest potential upside momentum and an ideal buying opportunity.

In addition to long-term holders’ participation, traders are strongly optimistic about the meme coin. Coinglass’s Binance DOGEUSDT Long/Short Ratio is 4.93, indicating strong bullish sentiment among traders.

Currently, 83.15% of top traders on Binance hold long positions, while 16.85% hold short positions.

 Technical analysis and key levels 

With this strong bullish sentiment among traders and investors, DOGE has managed to stay above the crucial support level of $0.345. According to AMBCrypto’s technical analysis, DOGE still appears bullish, and with continued support from traders and investors, the meme coin has begun moving upwards on the daily time frame.

Source: TradingView

Based on technical analysis, if DOGE holds above $0.345, it could potentially soar by 25% to reach the next resistance level of $0.45.

Combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the meme coin. This dominance is protecting it from further price decline.

Read Dogecoin [DOGE] Price Prediction 2024-2025

At press time, DOGE was trading near $0.36 and has experienced a price decline of over 4.65% in the past 24 hours.

During the same period, its trading volume increased by 51%, indicating heightened participation from traders and investors compared to the previous day.