Dogecoin (DOGE) Shows Potential for Significant Rally as Technical and Onchain Data Align

Key Points

1. DOGE has broken out of a long-term descending channel and is consolidating between $0.19 and $0.21, with a potential breakout above $0.21 likely leading to higher resistance levels near $0.48.

2. The weekly chart shows an ascending broadening wedge, a pattern known for parabolic moves, suggesting DOGE may challenge higher resistance levels if it reclaims $0.25 decisively.

3. DOGE futures open interest surged by 67% in July, indicating increased speculative interest and buying activity, while the spot market's cumulative volume delta (CVD) remains neutral.

4. Long-term holder sentiment has shifted to optimism, with the LTH-NUPL metric entering the 'Optimism-Anxiety zone,' historically a precursor to sustained upward momentum.

5. Key resistance levels to watch are $0.21 and $0.25, with a breakout above these levels potentially confirming a bullish trend.