What to know:
- The DOGE price is showing bullish momentum after an extended accumulation phase, increasing the chances of a breakout.
- Whale activity surged as nearly 60 billion DOGE moved in large transactions, signaling growing participation from major holders.
- DOGE targets $0.40 if it breaks key resistance with strong trading volume and sustained buying pressure.
Dogecoin (DOGE) is showing signs of growing bullish momentum after an extended accumulation phase. Increased whale activity suggests stronger participation from large holders. If buying pressure persists and the DOGE price breaks key resistance with strong momentum, the cryptocurrency could begin a significant upward move.
At the time of writing, DOGE is trading at $0.07098 with a 24-hour trading volume of $328.38 million and a market capitalization of $11.03 billion. Following the 1.67% gain over the last 24 hours, the DOGE price structure and transaction milestone point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: DOGE Price Targets $0.071 Rally as Whales Accumulate Billions of DOGE
DOGE Price Targets $0.40 After Extended Accumulation
According to the crypto analyst chad, the DOGE price has yet to deliver a sustained bull-market rally during the current crypto cycle, with its price instead spending an extended period consolidating.
The unusually long accumulation phase suggests sellers may be losing control while buyers gradually build positions. If this structure continues holding, it could provide the foundation for DOGE’s next major move higher.
Source: chad’s X Post
However, a convincing breakout out of the accumulation pattern will boost the optimistic sentiment of the coin and attract new buyers to the market.
As soon as the DOGE price manages to break through the resistance level with significant volume, the price can rally towards the $0.40 mark. However, until this occurs, the volume pattern should be observed by the traders.
DOGE Records 60B Large Transactions in One Day
The data from dogegod further highlighted that Dogecoin (DOGE) is experiencing a remarkable increase in activities worth big value, as about 60 billion DOGE was reportedly used for large transactions on a daily basis.
Such an increase indicates the growing involvement of whales or big market players in transactions. This could mean that big players are getting active due to close scrutiny of Dogecoin by the traders.
Despite the fact that such a level of transactions may be associated both with purchases and sales, it is clear that it shows increased interest from Dogecoin enthusiasts.
If whales’ activity stays on par with increasing trading volumes and demand, it might become an additional positive driver for the coin’s bullish stance.
Following the bullish price predictions and network growth, the DOGE price is moving in an upward direction. However, the general trend in the crypto market is still cautious, and a breakout cloud turns into a fakeout if conditions remain the same.
What Comes Next?
What comes next for the DOGE price is contingent upon the ability of the buyers to maintain their momentum by breaking through important resistance points.
Further actions from the whales, increased volume, and strong buying interest might mean that accumulation is coming to an end. But the inability to break through the resistance might confine DOGE into a range-bound pattern.
Also Read: Dogecoin Price Eyes Breakout as Whales Accumulate 680M DOGE
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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