DOGE trades near key $0.240 resistance as technicals and whale buying signal breakout potential.
Large holders added $500M in DOGE, pushing price above $0.241 and eyeing $0.273 next target.
ETF approval prospects and rising futures interest may drive DOGE toward $0.3 and beyond.
Dogecoin is showing strong technical momentum, and market patterns indicate the asset may be nearing a major breakout. At the time of writing, Dogecoin was trading at $0.2383, positioned just below a critical resistance range that has repeatedly tested buyer strength in recent weeks.
DOGE Builds Momentum Near Key Resistance
Dogecoin’s long-term chart displays a recurring rounded bottom formation since 2014, followed by strong upward moves, according to analysis prepared by Trader Tardigrade. The current pattern, formed since 2021, has shown steady higher lows, suggesting sustained accumulation.
https://twitter.com/TATrader_Alan/status/1955629932824150501
Price action now sits within a symmetrical triangle beneath the $0.238–$0.240 zone, with a projected target of $0.2428. Technical indicators align with this outlook. The SMA 7 at $0.24, SMA 20 at $0.22, SMA 50 at $0.21, and SMA 200 at $0.20 form a bullish alignment.
The MACD histogram remains positive at 0.0024, while the RSI at 60.31 indicates room for further upward movement. Trading volume on Binance stands at $569.6 million in the last 24 hours, reflecting healthy market participation.
Institutional Activity and Breakout Potential
According to an observation by GalaxyBTC, “DOGE is climbing towards new heights. Things will get more interesting once we break $0.3 resistance.” Futures open interest has risen to $3.39 billion, up from $3 billion earlier this month, signaling increased trader engagement.
Large holders have accumulated more than 2 billion DOGE, valued at approximately $500 million, in recent weeks. This buying has helped the price move above the $0.241 resistance level, bringing $0.273 into focus as the next major target.
Potential catalysts include the anticipated approval of Dogecoin exchange-traded funds, with Polymarket data showing a 61% probability of SEC approval. Such developments could increase liquidity and support a push towards $0.3. If the level is breached with strong volume, further moves toward $0.36 may follow, marking a possible start to the next major rally phase.
The post Dogecoin Holds Above $0.241 as Whales Add $500M, but This Price Level Could Trigger the Next Rally appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
