Dogecoin’s $1 Dream: Whale Buying Spree & Bullish Surge Signal Potential Breakout

Whales are doubling down on DOGE as bullish momentum builds—could the meme coin finally punch through the $1 ceiling?

Signs point to yes. On-chain data reveals a feeding frenzy among crypto's deep-pocketed players, with accumulation patterns mirroring past breakouts. The market's shrugging off its usual skepticism—this time feels different.

Technical indicators flash green. The 50-day MA just crossed the 200-day, that golden cross every trader craves. RSI? Cooling off after a brief overbought scare. Volume? Spiking like it's 2021 all over again.

Of course, Wall Street's still calling it a 'joke.' But while suits debate fundamentals, the chart's writing its own punchline: resistance levels are crumbling faster than a Bitcoin maxi's patience at a Dogecoin meetup.

Will $1 happen? The market's placing its bets. Just remember—in crypto, even the 'impossible' tends to arrive fashionably late.

Over the past 48 hours, Dogecoin price has drawn renewed attention from large holders after 1.08 billion DOGE was purchased in a short span.

This large accumulation coincided with a sharp rise in Dogecoin price, which crossed above $0.24, raising speculation about its next upward move.

Whale Activity Signals Renewed Interest in Dogecoin

Notably, recent on-chain data shared by analyst Ali Martinez revealed that Doge whale activity has increased.

Addresses containing between 100 million to 1 billion DOGE have amassed over 1.08 billion tokens in the last two days.

Consequently, this whale accumulation came with the increase of dogecoin price to over $0.24. This indicated a possible correlation between accumulation and bullish trends in the market.

Historically, sharp increases in whale holdings have preceded short-to-medium-term rallies in the cryptocurrency market.

The trend of these large holders suggested positioning for a potential continuation of the trend.

A big number of the addresses were long-term holders or institutional wallets. The outflow of more than a billion DOGE to these entities might suggest they anticipate a rally soon or in  future of the meme coin.

Dogecoin Price Maintains Long-Term Rising Channel

According to Chart analysis by Crypto Yoddha, dogecoin price was trading in an upward inclined parallel channel which started to develop at the beginning of 2023.

In this framework, the price has taken a pattern of increasing lows and higher highs indicating a continuous bull market formation.

Notably, the latest bounce was at the middle of the channel, slightly above the $0.15 area, further strengthening the channel and providing a technical basis for additional gains.

This rebound, accompanied by bullish weekly candles and increased volumes indicate that the trendline support was active.

Additionally, the pattern offered a price action roadmap, and the channel upper limit indicated direction to above $0.80. So long as Dogecoin could remain above this midline, its technical outlook remains bullish.

Forecast Suggests $1 Target Within Current Cycle

More so, crypto Yoddha noted that the current trend may support a price expansion toward $1, provided Dogecoin maintains its upward momentum and trendline structure.

As the chart showed, the meme coin has to trade above the long-term support line and respects the wider bullish channel.

Subsequently, the price action may be extended upward to the historical resistance areas. These are the $0.30 to 0.36 area, then a slow ascent to the psychological level of 1$.

The last all-time high of Dogecoin was achieved in the 2021 cycle when it briefly exceeded $0.70.

Besides, the present arrangement has a structural resemblance to repeated retests of rising support lines and consolidations culminating in higher breakouts.

Nonetheless, the road to $1 WOULD probably involve sustained interest in prices, maintenance of bullish technical trends, and investor sentiment.

Dogecoin Follows 4-Year Pattern Toward 2025 Candle

Meanwhile, according to Trader Tardigrade, Dogecoin price can break out in 2025 because of the annual candle structure.

He shared a chart that showed bullish advances in 2017 and 2021, each on a multi-year rounded bottom.

The present price pattern resembles the earlier cycles, which could establish a similar vertical trend through 2025.

Moreover, the analyst emphasized a 4-year cycle of consolidations followed by an annual rally. Bullish breakout years were indicated by green arrows, and the one currently projected would be in 2025.

Should this momentum continue, Dogecoin price could be in the beginning stages of a new multi-fold rally, which could see prices rise beyond past all-time highs.