Dogecoin (DOGE) Price Rally Is Supported By Key Metrics, Creating A Clean Trading Pattern

Dogecoin's DOGE/USD price rally is supported by key metrics, creating a clean trading pattern, according to prominent analysts.

Dogecoin's (CRYPTO: DOGE) price rally is being supported by key metrics and a clean trading pattern, according to prominent analysts.

What Happened: Prominent analyst Kevin, known for his insights in an exclusive Patreon group, noted that Dogecoin is tracking the roadmap he previously outlined, with recent price action aligning with key support and resistance levels.

Kevin highlighted that the meme coin is currently finding support around the $0.215 zone. This level coincides with the 0.382 Fibonacci retracement from the March lows to December highs, offering a structural support.

Another key factor is the 200-day exponential moving average, which is also visible in the same zone. This confluence of support makes it a crucial level to watch.

Even if Doge loses this zone, major support remains intact at the 0.20 zone, which is the 0.236 Fibonacci.

"With such a nice move to the upside, even a cool off, the structure remains bullish. The plan remains simple: go up, cool off, and go up again."

The analyst noted that Bitcoin (CRYPTO: BTC) must break into price discovery mode to give altcoins the green light for further gains.

Kevin previously disclosed that he was accumulating during Dogecoin's lows, when sentiment was bearish.

Also Read: Dogecoin Down 1% But This Pattern Signals A Breakout Is Imminent

What Else: Crypto analyst Ali Martinez provided further bullish context, stating that Dogecoin whales have been busy accumulating more than 1 billion DOGE during this 47% rally over the past month.

In a separate post on X, Martinez highlighted several on-chain signals that suggest further upside for Dogecoin.

These signals include a surge in active addresses, indicating increased user activity, and a spike in transaction volume, suggesting heightened trading activity.

Moreover, there has been a noticeable escalation in whale activity, with large entities accumulating a significant amount of Dogecoin.

All of these on-chain metrics collectively point towards continued upside potential for the meme coin.