DOGE Bulls Charge as Whales Accumulate: Breakout Imminent?
Dogecoin (DOGE) is showing strong signs of a potential breakout as whale activity surges and exchange outflows signal accumulation. With over 800 million Doge bought by whales recently and 54% of top traders going long, the memecoin may finally break its 90-day downtrend. Here’s a detailed look at the latest developments driving DOGE’s bullish momentum.
Dogecoin Bulls in Control as Whales Accumulate
Exchanges have witnessed an outflow of 49.89 million DOGE coins, and 54% of top traders are going long on the memecoin. Dogecoin, the largest memecoin, appears to be breaching its prolonged descending trendline after being in a downtrend for over 90 days. This time, sentiment seems to be shifting as whale activity increases, with whales buying over 800 million DOGE coins in recent days, according to a crypto expert.
Dogecoin Predicted to Breakout by Summer’s End
Dogecoin’s weekly chart has slipped back but analysts argue this lull is a reset before a higher push. Analyst Chris (@StonkChris) has plotted an expanding rising channel guiding price action since October 2023. The structure has produced higher highs and lows, with the latest pullback retesting the channel’s lower rail at $0.13. Chris notes that the weekly Stochastic-RSI has begun to curl up from single-digit territory.
Wall Street Winks At Dogecoin: ‘It’s More Than A Meme’
A top crypto asset manager has doubled down on its support for Dogecoin, stating it is more than a joke due to its utility. Dogecoin’s community orientation, fast transaction speed, and low costs make it suitable for small payments and tips. Firms like Tesla, AMC Theatres, and Newegg now accept Dogecoin as payment. Dogecoin processes blocks every minute, 10 times faster than Bitcoin, making it particularly useful for everyday use cases. Recently, the Open House Group, a major real estate player in Japan, also started accepting Dogecoin.
Dogecoin (DOGE) Under Pressure—Bearish Setup Could Trigger Sell-Off
Dogecoin started a fresh decline from the $0.1680 zone against the US Dollar. The cryptocurrency failed to clear the $0.1680 resistance and dipped below the $0.1620 and $0.1600 support levels. It is currently consolidating and might extend losses below the $0.150 support. The price is trading below the 100-hourly simple moving average, and a short-term rising channel or bearish flag is forming on the hourly chart with support at $0.1540. A break below the $0.1520 support zone could lead to further losses.
Dogecoin Forms Symmetrical Triangle, Recovery Signs Emerging
Dogecoin’s latest price activity indicates the potential for an early-stage recovery. A symmetrical triangle is forming on the 4-hour candlestick chart, a pattern known for building quiet volatility. Crypto analyst Trader Tardigrade observed this setup, suggesting that historically, such technical formations have led to strong breakouts. Dogecoin’s price is gradually narrowing into the apex of this structure, hinting at an impending move. The analysis is based on patterns forming on both the 1-hour and 4-hour timeframes.
$1 DOGE coming as critical support holds: PaladinMining users report high mining profits
The Dogecoin price report shows a bullish signal. Due to this, the cryptocurrency markets are on high alert. The demand for cloud mining from platforms like PaladinMining is growing significantly. Our Dogecoin price analysis identifies three essential elements that every trader must be aware of. Glassnode’s blockchain analytics reveal a startling concentration of Doge holdings at the $0.20 price level.
