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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Dogecoin Eyes Massive Bull Surge As Metrics Turn Green

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Dogecoin price

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DOGE, the widely recognized king of meme coins, is beginning to exhibit signs of a potential resurgence in its bullish momentum after enduring several weeks of bearish pressure. The cryptocurrency has demonstrated an impressive recovery over the past seven days, with its price surging by a significant 16.3%, reaching a peak of $0.115.

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This upward movement marks a notable shift in pace for DOGE, which had spent most of the month either falling downward or consolidating.

This recent price recovery has renewed bullish momentum and aligns with a resurgence in crucial on-chain metrics. These metrics, which include increased trading volumes, increased outflow from exchanges, a rise in whale transactions, and a rise in buy orders, collectively indicate that the sentiment surrounding DOGE is again turning optimistic. 

dogecoin doge dogeusdt 2
DOGE’s price trends to the downside on the daily chart. Source: DOGEUSDT on Tradingview

Dogecoin Metrics Turn Green

Various Dogecoin on-chain metrics point to DOGE undergoing a bullish rally as we enter a new week. Notably, metrics from IntoTheBlock signal bullish, with two on-chain signals and two exchange signals turning green. 

Regarding on-chain signals, the “In The Money” metric has increased by 2.52%, while the “Large Transaction” metric has increased by 1.65%, both bullish for DOGE. The first on-chain metric indicates the return of positive sentiment among holders, suggesting that many more holders are now in profit. More often than not, this gives most of them a reason to hold as the price rally unfolds.

Regarding exchange signals, the bullish sentiment is relayed through the “Bid-Ask Volume Imbalance.” This metric recently turned green and has reached 28.87%. This imbalance indicates that buy orders significantly outweigh sell orders across various cryptocurrency exchanges, suggesting strong demand for DOGE.

When buy orders dominate the market in this manner, it often leads to upward price pressure, as sellers can command higher prices due to the increased buying interest.

The bullish momentum can be further relayed through crypto exchange inflow/outflow data. Periods of negative sentiment are characterized by a high inflow rate into exchanges, which increases selling pressure. On the other hand, positive sentiment is characterized by notable outflows from exchanges.

Going by this ideology, inflows into exchanges have witnessed a drastic drop of -73.81% in the past 24 hours. Similarly, netflow (inflow minus outflow) has reduced by 120.56 million DOGE tokens in the same time frame, which suggests more withdrawals than deposits into exchanges. 

dogecoin doge dogeusdt 1

Dogecoin Eyes Bull Run

With metrics pointing bullish and the wider market receiving inflows, the only place left for DOGE to go is up. As the king of meme coins, a promising DOGE price action is good for all meme cryptocurrencies.

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At the time of writing, DOGE is trading at $0.1088. Although it has reversed a bit since hitting $0.1147, it seems to have established support around $0.108. Another move to the upside from this support would undoubtedly trigger confidence among many investors.

Cover image from Dall-E, Chart from Tradingview

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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