Dogecoin may face an epic 110% surge in June, with bullish flag pattern + whale accumulation + positive funding all working together, has the night before the surge arrived?
The daily chart shows that Dogecoin may soon present a bullish breakout signal. It is currently forming a bullish flag pattern - after a vertical rise, it enters a consolidation rectangle phase, which usually indicates the continuation of an upward trend.
Additionally, as the difference between the 50-day and 100-day exponential moving averages flips, Dogecoin is nearing the formation of a mini golden cross.
In summary, if the flag pattern breaks out, the next key resistance level is $0.4815 (the November 2023 high, a 110% increase from the current price). Caution is required against falling below the psychological support level of $0.20, which could invalidate the bullish logic.
Another bullish factor for Dogecoin (DOGE) comes from the continuously positive funding rates. CoinGlass data shows that since March 31, its eight-hour funding rate has remained positive and is gradually rising.
In the perpetual futures market, a positive funding rate means that long position holders pay fees to short sellers, typically reflecting a dominant bullish market sentiment.
Additional data shows that large holders continue to accumulate DOGE, reflecting increasing market confidence in its continued rise.
Santiment data shows that addresses holding between 100 million to 1 billion DOGE currently hold over 26.46 billion tokens, the highest level since December 2023, significantly up from 23 billion in January.
Data shows that since November 2023, there has been continuous outflow of funds from exchanges, confirming this trend. Since April 1, Dogecoin has seen over $695 million in outflows, indicating that investors are transferring tokens from exchanges to self-custody, which is generally viewed as a long-term bullish signal.
