Dogecoin News Today: Whales Awaken, Charts Breakout: Is DOGE's Bull Run Just Beginning?

Dogecoin (DOGE) experienced a 7.7% rise in the last 24 hours, driven by technical indicators and on-chain activity suggesting a potential bullish phase. The cryptocurrency’s price chart recently showed a breakout from a triangle pattern, a technical formation often associated with upward momentum. On-chain data also indicated that whale accumulation has resumed, with a significant wallet withdrawing 10.366 million DOGE worth $2.25 million from Binance after being dormant for two years. This accumulation pattern aligns historically with strong bullish trends in DOGE, reinforcing the likelihood of further price appreciation [1].

The Relative Strength Index (RSI) for DOGE also confirmed the breakout, crossing above the 50-level threshold on the daily timeframe. This move signals increased buying pressure, validating the breakout’s strength for momentum-focused traders. On-chain metrics such as the On-Balance Volume (OBV) have also shown an upward trend over the past ten days, reflecting sustained buying pressure. The OBV’s trajectory, alongside the expanding Bollinger Bands following DOGE’s recent price surge, has reinforced the short-term bullish outlook. However, traders remain cautious, as the price has been trading within a defined range since March, with the upper bound at $0.25 representing a critical resistance level [3].

Analysts highlighted the importance of sustained short-term holder (STH) accumulation, with Joao Wedson, founder of Alphractal, noting that rising STH supply levels have historically corresponded with bullish price movements in DOGE. This trend suggests that long-term investors may continue to accumulate the asset, despite inherent volatility. Trader Tardigrade on X added that the triangle pattern’s consolidation over the past week could result in a strong follow-through move if the $0.224 resistance level is successfully breached. A successful breakout could see the price targeting the $0.24 level in the coming days [1].

In the broader market context, DOGE’s rally came amid a mixed performance across the cryptocurrency sector. Bitcoin (BTC) remained in a sideways range near $110,807, while Ethereum (ETH) saw minor declines. Dogecoin, however, outperformed many of its peers, gaining 5.03% on the day [2]. The broader market environment, with investors awaiting key inflation data for insights into potential Federal Reserve interest rate cuts, has also contributed to increased speculative activity in meme coins like DOGE.

Looking ahead, traders and investors are closely monitoring whether the recent gains can be sustained. If the $0.25 level is breached, it could signal the end of a multi-month trading range and open the door for a more substantial rally. However, volatility remains a concern, with the RSI approaching overbought levels indicating potential for near-term corrections. For now, the technical and on-chain signs point to continued optimism, though traders are advised to maintain disciplined risk management strategies as the market remains highly dynamic [1].

Source:

[1] Dogecoin Price Prediction - Whales' Buying Spree, a New Breakout and Odds of Hitting 0.25 (https://ambcrypto.com/dogecoin-price-prediction-whales-buying-spree-a-new-breakout-and-odds-of-hitting-0-25)

[2] Bitcoin, Dogecoin, Solana Gain; Ethereum Steady: Analyst Says BTC's Breakout Past This Level Could Be a Massive Trigger (https://www.benzinga.com/crypto/cryptocurrency/25/09/47539828/bitcoin-dogecoin-solana-gain-ethereum-steady-analyst-says-btcs-breakout-past-this-level-could-be-a-massive-trigger)

[3] Dogecoin (DOGE) Daily Breakout Confirmed by RSI: Strong Momentum Signal for Traders (https://blockchain.news/flashnews/dogecoin-doge-daily-breakout-confirmed-by-rsi-strong-momentum-signal-for-traders)