Could Dogecoin (DOGE) be ready for a major breakout? Recent on-chain metrics suggest that the iconic memecoin might just be gearing up for a significant rally. With exchanges reporting a staggering $10.90 million in DOGE outflows, the momentum is definitely shifting.

Traders are currently navigating through an interesting phase, with DOGE hovering around $0.185. The coin experienced a slight lift of 1.35% over the last day, signaling a much-needed recovery after a period of decline. As investor participation rises, there's renewed hope for DOGE enthusiasts.

Technical Analysis Shows Promise

According to recent chart analysis from AMBCrypto, Dogecoin appears to be shaking off its bearish trend. The four-hour chart reveals that DOGE has been battling a descending trendline but is now on the verge of breaking free. If the price can decisively close above $0.19, analysts predict a potential surge of up to 32%!

However, caution is advised. Should DOGE fail to maintain its position above this critical threshold, it may continue to consolidate further.

Traders Show Strong Interest

The excitement isn’t just in the charts. On-chain data indicates heightened trading activity, with a notable $10.90 million flowing out of exchanges—a sign of accumulation by both investors and whales as they seize the opportunity during this price dip.

In fact, bullish sentiment is palpable, with approximately $27.5 million in long positions stacking up at the $0.1776 mark. Conversely, there’s also a significant volume of short positions being placed at the upper level of $0.1868, indicating that traders are balancing their bets.

What’s Next for Dogecoin?

As trading volumes rise and key levels are tested, all eyes will be on Dogecoin in the coming days. Will it break through the resistance and deliver that anticipated 32% upside? Or will market conditions hold it back? One thing's for sure: the memecoin scene is heating up, and everyone will want to be part of the action!