Recently, whales have accumulated 2 billion DOGE in wallets holding between 100 million and 1 billion cryptocurrencies, valued at 500 million USD. This increase in holdings coincided with DOGE breaking through the key resistance level of 0.241 USD, with the price rising to 0.246 USD, over 11.2% increase within 24 hours, demonstrating strong bullish momentum.
Currently, large holders control nearly 50% of the total DOGE supply, reflecting increased confidence among institutional investors. Concentrated purchases may reduce seller liquidity, paving the way for greater volatility in the future.
Technical indicators show that the price is expected to rise to 0.26 USD (+18%), and if it breaks through 0.28 USD, it could further rise to 0.35 USD.
DOGE has formed a golden cross for the first time since November (50-day SMA breaking through 200-day SMA). Historically, this pattern often indicates significant price increases, such as a 130% surge by the end of 2024. Currently, momentum indicators support a bullish outlook, with DOGE staying above the 30-day SMA, and an RSI of neutral 57, indicating room for upward movement.
In addition, market expectations for the approval of the DOGE ETF are heating up, with Polymarket predicting a 75% probability of approval, and Bloomberg analysts estimating a 90% probability of approval by the end of 2025, due to an increasingly friendly regulatory environment for cryptocurrencies. ETF approval could become a key catalyst for price increases, combined with whale buying, technical breakthroughs, and retail enthusiasm, DOGE may usher in a new bull market.
Currently, close attention can be paid to the resistance level of 0.242-0.245 USD; a breakout could push it up to 0.30 USD, while the support level at 0.227 USD, if held, will maintain the bullish trend.
So what is the conclusion?
Dogecoin is driven by whale accumulation and golden cross, breaking through the resistance at 0.242, rising to 0.246 USD, and is expected to reach 0.25-0.30 USD in the short term. The inflow of institutional funds and expectations for ETF approval (90% probability by the end of 2025) boost market sentiment, but macroeconomic factors, central bank policies, and inflation data may reverse the trend.
If Bitcoin breaks through its historical high, it will further push up DOGE. Competition among meme coins intensifies, with Dogecoin still being the top choice for whales. A combination of technical analysis and market sentiment may lead to a new round of price increases.
