Dogecoin Whale Activity Surges 34% as Price Nears $0.30 Breakout

Dogecoin is currently testing a key resistance zone, with metrics suggesting a potential rally to $0.30. The cryptocurrency has been following a familiar pattern of accumulation within a bullish flag, followed by a sharp rally. Recent price action has shown consolidation, with bulls holding firm at key support zones. As Dogecoin edges closer to the upper boundary of its current flag formation, the setup suggests a potential breakout.

Adding further strength to this bullish setup is a noticeable increase in whale activity. A deep on-chain analysis reveals a steady accumulation of large orders at the current price level. These strategic long positions suggest that major holders are positioning themselves for an upward move. Whale accumulation is often a strong indicator of price action, especially when paired with technical signals like the current bullish flag. Their ability to influence market trends appears tilted toward optimism at this stage.

Adding to the bullish projection is a spectacular surge in Dogecoin network activity. At press time, Dogecoin’s Active Addresses were up by over 34% in 24 hours alone. The surge is a sign of growing participation and new interest from the broader market. A rise in active addresses typically precedes price movement, since it shows growing demand and activity. Paired with whale accumulation and a bullish chart structure, the potential for a significant breakout gets more compelling.

The expert emphasized that Dogecoin has successfully broken out of a falling wedge formation while completing a rounded bottom formation. These two chart patterns, along with the bullish flag, suggest a strong potential for a price move higher. However, external factors such as social media attention or new exchange listings might be necessary catalysts to push Dogecoin beyond the $0.30 level.

If Dogecoin can manage to flip its flag resistance into support, momentum would more than likely drive prices well above the $0.30 price level. While there is no certainty in crypto, the confluence of technical and on-chain signals makes a very strong case for a move higher. If it can hold the current support level, a potential price target of around $0.30 is suggested. However, if this newly formed floor fails to hold, Dogecoin could drop.