DOGE makes a strong comeback, whale purchases boost the push towards the $0.31 mark!

Dogecoin (DOGE) is once again in the spotlight, with a price increase of 6% during trading, the 24-hour spot trading volume surged by 70%, reaching $3.34 billion, while derivatives trading volume also rose by 67%, hitting $7.85 billion.

The catalyst for this surge is the market optimism brought about by Bitcoin hitting a new all-time high of $111,903, along with the on-chain actions of whales— a transfer of 250 million DOGE worth $57.6 million from Robinhood to an unknown wallet, which has drawn significant attention from investors.

Multiple analysts believe that with the increasing adoption of cryptocurrencies and growing merchant support, combined with DOGE's steady position as the eighth largest by market capitalization, it will continue to rise, with a short-term target looking towards $0.31.

Crypto analyst Ali Martinez points out that DOGE is forming a “bullish pennant” pattern on the hourly chart, technically expected to continue the upward trend.

From a daily perspective, since early Q2, DOGE's price has risen from $0.13 to $0.24, with a cumulative increase of over 80%. This trend is driven by both internal (progress of DOGEOS applications) and external (easing of international tensions) factors.

DOGE currently remains firmly above the 20-day EMA moving average, with strong buying interest. Technically, the $0.308~$0.31 range is a key resistance area; if broken, it is expected to open up new space towards $0.484.

On-chain data shows that the number of active addresses has increased from 775,000 to 1.8 million over the past 30 days, and the number of holders has risen from 7 million at the beginning of the year to 7.95 million, with the MVRV metric turning from negative to positive at 16%, indicating that most holders are currently in profit, and overall market confidence is strong.

However, if $0.31 cannot hold, that area may also become a short-term top, with a potential retest of support around $0.15.