Dogecoin’s Wild Ride: Will It Moon or Crash? 🚀📉

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  • On-chain metrics revealed that DOGE has witnessed a significant 360% jump in its large transaction volume, because apparently, even crypto whales have a sense of humor. 🐋😂
  • Exchanges witnessed a significant outflow of $20.65 million worth of DOGE, proving that even memecoins need a vacation. 🏖️💸

After experiencing a notable price decline in the past few days, Dogecoin [DOGE] appears poised for recovery, much like a phoenix rising from the ashes of its own absurdity. 🐕🔥

This bullish reversal signal has gained significant attention from crypto enthusiasts, leading to a surge in participation over the past 24 hours, because nothing says “serious investment” like a coin with a Shiba Inu mascot. 🐶📈

40% jump in large transaction volume

Data from the on-chain analytics firm IntoTheBlock revealed that DOGE has witnessed a significant 40% jump in its large transaction volume over the past 24 hours, because why not throw more money at the internet’s favorite joke? 💰🤡

This substantial increase suggests that the participation of crypto whales or institutions primarily drives the surge, because even the big players can’t resist the allure of a good meme. 🐋🎭

Additionally, on-chain analytics firm Coinglass revealed consistent outflows of DOGE from exchanges worldwide since its price decline. In the past 24 hours, exchanges recorded a significant outflow of $20.65 million worth of DOGE, because sometimes, even memecoins need a break from the chaos. 🏦💨

Combining these on-chain metrics, it appears that bulls are back to support the memecoin. DOGE has reached the crucial price reversal zone of $0.30, a level with a history of significant price rallies, because nothing says “bullish” like a coin that started as a joke. 🐂🎉

Dogecoin’s technical analysis and price action 

According to AMBCrypto’s technical analysis, following the recent price decline, DOGE appears to be forming a bullish double-bottom pattern on the daily timeframe, because even memecoins need a little symmetry in their lives. 📊🔄

So far, the memecoin has successfully formed the first bottom and is currently at the second bottom, because why settle for one bottom when you can have two? 🍑🍑

Based on recent price action, if DOGE holds above the $0.30 level, there is a strong possibility it could soar by 30% to reach $0.42 in the near future, because nothing says “financial stability” like a coin that can’t decide if it’s a joke or a serious investment. 🚀🤔

However, despite a massive price decline of over 28% in the past 10 days, DOGE has managed to stay above the Exponential Moving Average (EMA) on the daily timeframe, indicating that the memecoin remains in an uptrend, because even when it’s down, it’s still up. 📈🙃

Current price momentum and major liquidation zone

Looking at the bullish outlook, the major liquidation areas are near $0.31. Traders holding long positions have accumulated $47.21 million worth of long positions, because nothing says “confidence” like betting big on a coin with a dog on it. 🐕💎

Meanwhile, short sellers hold short positions worth $19.28 million at the $0.335 level, because even the skeptics can’t resist the temptation of a good meme. 🐻🎭

However, these levels will be liquidated if market sentiment shifts and the price reaches these levels. At press time, DOGE was trading near $0.324 after experiencing a price decline of 2.55% in the past 24 hours, because even memecoins need a little drama in their lives. 🎭📉

During the same period, its trading volume dropped by 20%, indicating lower participation from traders and investors compared to the previous day, because sometimes, even the internet’s favorite joke needs a breather. 🐕💤

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2025-01-30 09:48