Recently, Dogecoin (DOGE) has formed a key support level in the range of $0.16 to $0.17, which could serve as the starting point for a price breakout. Analysts predict that if DOGE successfully breaks out, its potential target price levels are $0.30, $0.45, and $0.60.

Market observations indicate that whales (large holders) are actively accumulating DOGE, while network activity is also increasing, suggesting that investor interest in DOGE is rising. Although some experts believe the price may first experience a brief pullback, the overall trend still leans bullish.

Moreover, on-chain data shows a significant increase in the number of active DOGE addresses, further confirming the market's growing confidence in this cryptocurrency. These factors collectively provide strong support for DOGE's future price trends.

The technical setup of DOGE indicates a breakout

The technical analysis of Dogecoin (DOGE) indicates that its price may be on the verge of a breakout. Market analyst Whalesdesk points out that a triangular flag pattern has appeared on the weekly chart, and a strong support area has formed between $0.16 and $0.17. If DOGE can maintain above this support level and successfully break out, its price could rebound to $0.30, $0.45, or even $0.60, which means an increase of up to 250% from current levels.

Another well-known trader, MMBTrader, is also optimistic about DOGE's upward potential, but he warns investors that the price may first retrace to support levels of $0.13834 and $0.09081 before starting an upward trend. Additionally, he emphasizes that $0.30 and $0.40 are key psychological resistance levels, and breaking through these levels could further drive the price up.

On-chain data further supports the bullish outlook for DOGE. The data shows that DOGE whales (large holders) have recently accumulated a significant amount, including:

  • 110 million DOGE (approximately $18.5 million)

  • 1.4 billion DOGE (approximately $224 million)

  • 1.7 billion DOGE (approximately $300 million)

Meanwhile, the number of active addresses on the DOGE network surged by 76% within a week, climbing from 160,000 to over 280,000. This significant increase in network activity and the large-scale accumulation by whales indicate that market confidence in DOGE's future price trends is strengthening. These factors collectively provide strong support for DOGE to achieve a breakout in the coming weeks.