Dogecoin (DOGE) Poised for $0.29 Breakout as Whale Moves $148 Million Amid Market Surge

Dogecoin’s price is poised for a significant upward movement, supported by a combination of on-chain metrics and technical indicators that suggest a bullish trend. Following bitcoin‘s impressive recovery, which saw its price reach approximately $100,500 after the announcement of a new US-UK trade deal by former President Donald Trump, Dogecoin (DOGE) experienced a remarkable 13% surge. A noteworthy transaction by a whale, involving the movement of $148 million worth of DOGE, has further fueled this optimism.

This substantial whale activity coincided with Dogecoin breaking out of a chart pattern, often associated with trend reversals. As a result, the price of Dogecoin climbed to around $0.1918, establishing it as one of the leading performers in the cryptocurrency market for the day. The daily trading volume surged past $1.42 billion, reflecting a 79% increase, while open interest in Dogecoin futures also rose by 16.5%, reaching approximately $1.95 billion.

The bullish sentiment surrounding Dogecoin is underscored by the analysis of Trader Tardigrade, a prominent crypto analyst. According to Tardigrade, Dogecoin’s recent breakout from a diamond bottom formation on the daily chart signals a potential reversal from a downward trend to an upward trajectory. If this bullish rally continues, the analyst projects a price target of $0.29, representing a possible 52% increase from current levels. The whale transaction that transferred 807 million DOGE tokens, valued at around $148 million, indicates strong interest from significant investors.

This breakout comes on the heels of a period characterized by low volatility, with price action consolidating between mid-March and early May, forming the aforementioned diamond pattern. As Dogecoin breached the upper threshold of this pattern, trading volume surged, further reinforcing its bullish momentum.

Analysts have observed a consistent 29-day cycle for Dogecoin’s price, where Relative Strength Index (RSI) bullish divergence has historically preceded price rallies. The most recent RSI movement aligns with projections indicating a potential rally to $0.29, reinforcing the expectation of continued upward momentum.

On a broader timeframe, crypto analyst Ali Martinez highlights that Dogecoin is currently trading above a critical ascending trendline that has been in place since October 2024. The current price range of approximately $0.16 to $0.18 aligns closely with the 0.618 Fibonacci retracement level, a key indicator for traders assessing pullback zones during ongoing trends.

Recent chart data suggests that Dogecoin’s price has bounced off this critical level, indicating sustained support. Martinez pointed out that a dip to around $0.14 could represent a strategic buying opportunity ahead of a potential rebound toward $0.30. The projected path on the chart illustrates a scenario where DOGE could continue to rise, targeting resistance levels near $0.24 and $0.32.

This technical structure supports the notion that the current price movement is part of a larger upward trend, consistent with ongoing Dogecoin price predictions. The formation of higher lows also suggests that buyers remain in control, indicating a bullish sentiment within the market.

On-chain metrics further underscore this positive outlook. Data from IntoTheBlock reveals an increase in confidence among large holders, with the number of wallets holding between 10 million and 100 million DOGE rising by 4.5%. This marks the largest increase among all tracked wallet categories, hinting at potential accumulation by institutional or long-term investors.

Additionally, smaller whale categories, including those holding between 1 million to 10 million DOGE and 100,000 to 1 million DOGE, have demonstrated stability or slight growth. This trend indicates persistent interest in Dogecoin from significant holders, reinforcing the notion that demand remains robust.

Moreover, funding rates, as indicated by Coinglass, have largely remained in positive territory since mid-April. A consistently positive funding rate suggests that market participants are optimistic about the continuation of Dogecoin’s price rise. This behavior reflects strong bullish expectations among leveraged investors, further contributing to the overall sentiment surrounding DOGE.

As Dogecoin continues to navigate these dynamic market conditions, the interplay of whale activity, technical indicators, and on-chain data suggests that the cryptocurrency could be on the cusp of a major breakout. With analysts projecting potential price targets and the market exhibiting signs of confidence, all eyes will be on Dogecoin as it seeks to capitalize on this bullish momentum in the coming days.