The price of Dogecoin (DOGE) has been like a roller coaster in the past month, steady as if in a deep sleep, with such little volatility it's almost sleepy. But suddenly, the whales made a big move! In the past week, their holdings have skyrocketed by 112%, clearly indicating they are preparing for a big play, and market sentiment towards Dogecoin has surged! Currently, Dogecoin's price is fluctuating between $0.126 and $0.176, seemingly waiting for a signal on which way to charge.
According to data from IntoTheBlock, the net inflow from large holders surged by 111.97% in a week, indicating that smart money has rekindled interest.
The external environment is supportive, and the speculation frenzy for Dogecoin is here!
The external environment is also helping. With the 'Liberation Day' tariffs paused until August 1, coupled with a potential interest rate cut of 0.25%-1% in July, market risk appetite is on the rise. Although Dogecoin usually doesn't pay much attention to market sentiment, this wave of good news has made speculators a bit restless, all eager to jump in.
The derivatives market is booming, with open interest surging.
Open interest in Dogecoin has firmly broken through $2 billion, rising 21% from the beginning of the month to now. Traders are very active, with a positive financing rate of 0.21%, clearly showing that everyone is betting on a rise, which suggests optimism that Dogecoin will push higher.
Why bet on Dogecoin now?
DOGE has confirmed a breakout from a four-year cup-and-handle pattern, with the Dogecoin price currently close to a key convergence zone formed by historical support levels traceable to mid-2024 and the upward trendline of the handle.
If this pattern holds, the historical support level could be a great launchpad, potentially sending Dogecoin straight to $0.75, which is a 345% increase from now! Technical indicators are also strong: RSI has climbed to 43, not far from the neutral line, and selling pressure has clearly weakened; MACD has formed a weekly golden cross, indicating a long-term bull market may be on the way.
Key drivers and resistance levels
The decision on the US spot DOGE ETF on October 17 may be the catalyst; whether the market can explode all depends on it. $0.186 is a hurdle; if it cannot break through, it might just be a false move, and the price will likely revisit historical support. If it goes lower, $0.09 (45% of the mid-2024 low) is the last line of defense.
Is Dogecoin going to make a move? Whales are hoarding, the derivatives market is heating up, and the technicals are holding steady; this wave for Dogecoin really seems like it’s about to take off. Brothers, keep an eye on it, the opportunity might not be far off!