Dogecoin (DOGE) has experienced a notable upward movement over the past 24 hours, appreciating by 8.4% to reach a price of $0.22. This surge has been primarily driven by significant whale buying activity coupled with a sharp increase in trading volume exceeding one billion dollars. The price rally unfolded in two distinct phases, enabling DOGE to breach short-term resistance levels and potentially signaling the onset of a substantial bullish breakout.
According to analytical insights from CoinDesk, DOGE’s price fluctuated between $0.20 and $0.223 during this period, exhibiting volatility of approximately 9.5%. The critical resistance zone was identified between $0.222 and $0.224, while support levels remained stable above $0.220, indicating a phase of price consolidation preceding the next directional move. The initial breakout wave occurred around 10 a.m., pushing the price close to $0.213 and reflecting whale interest. The second surge, between 7 p.m. and 10 p.m., propelled DOGE to $0.223 and drove trading volumes beyond one billion coins—far surpassing the daily average of 378 million. This heightened trading activity has shifted technical indicators into bullish territory, with the Relative Strength Index (RSI) approaching levels historically associated with strong rallies above 70%. Additionally, an inverse head and shoulders pattern has emerged, suggesting a continuation target range between $0.25 and $0.34.
On-chain data reveal that whale wallets have accumulated over one billion DOGE in the last 48 hours, signaling increased institutional interest. Some analysts have set price targets at $0.34 and even $0.50, contingent upon the coin’s ability to surpass immediate resistance levels. One technical analyst noted that the combination of whale accumulation, rising volume, and tight consolidation typically creates favorable conditions for a breakout.
Market participants are closely monitoring DOGE’s next moves, particularly a potential breakout above $0.224, which could trigger a short squeeze. The influence of overbought RSI readings and prevailing meme coin sentiment will also play critical roles. Price action near liquidation clusters around $0.21 suggests that dip buyers may re-enter aggressively at these levels. Presently, DOGE is stabilizing between $0.2208 and $0.2223 on relatively low volume, with the coming sessions likely to determine whether the coin breaks out or faces rejection. Overall, bulls appear to have the upper hand, and DOGE may be on the cusp of entering a new bullish phase, provided it clears key resistance thresholds.
Source: binance
