- Dogecoin worth hovers round $0.168 on Wednesday after bouncing off its 200-week EMA final week.
- Santiment’s information exhibits that DOGE utility and whale wallets are rising, hinting at a potential rally forward.
- A weekly candlestick shut beneath $0.136 would invalidate the bullish thesis.
Dogecoin (DOGE) worth hovers round $0.168 on Wednesday after bouncing off its 200-week Exponential Shifting Common (EMA) final week. Santiment’s information exhibits that DOGE’s utility and whale wallets are rising, hinting at a potential rally for the dog-themed memecoin.
On-chain information exhibits potential breakout forward
Like most meme cash, Dogecoin has been hammered throughout the 2-month crypto-wide retracement part. Regardless of this correction, Santiment information exhibits that wallets holding not less than 1 million DOGE tokens have been rising since the begin of February and have risen 1.24%. Furthermore, energetic addresses are additionally at 4-month highs, reaching over 150,000 addresses. This rise in holders’ wallets and utility signifies a potential breakout on the horizon for the dog-themed memecoin.
Dogecoin on-chain metric chart. Supply: Santiment
Dogecoin technical outlook: Bulls purpose for $0.22 mark if 200-week EMA help holds
Dogecoin worth retested and located help round its 200-week EMA at $0.136 final week. As of Wednesday, DOGE continues to commerce above its 200-week EMA, hovering round $0.168.
If the 200-week EMA continues to carry and DOGE closes above the weekly resistance of $0.181, it may prolong the rally to retest its subsequent resistance degree at $0.220.
The weekly chart’s Relative Energy Index (RSI) turns flat beneath its impartial degree of fifty, indicating an easing of bearish momentum and opening the door to a rebound.
DOGE/USDT weekly chart
Nevertheless, suppose DOGE fails to seek out help round the 200-week EMA and closes beneath it. In that case, the bullish thesis can be invalidated, resulting in a decline to retest its subsequent weekly help degree at $0.078.
