Dogecoin (DOGE) is riding a new wave of bullish momentum, as a giant whale has purchased 1 billion Dogecoins in just 24 hours, worth approximately $200 million. According to CoinMarketCap, this massive accumulation has driven Dogecoin up more than 11.2% in the past day, with the current price hovering around $0.24.
Currently, major holders own nearly 50% of the total Bitcoin supply, indicating strengthening confidence among institutional investors. Analysts point out that this concentrated buying may reduce seller liquidity, potentially paving the way for greater volatility in the future.
Technical charts indicate that the price is expected to rise to the $0.26 region, an increase of 18%, with bulls optimistic about breaking through $0.28, thereby opening the path to $0.35.
The golden cross suggests a significant rebound may occur.
Even more exciting is that Dogecoin has formed a golden cross for the first time since November, which is a bullish pattern that occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA.
Historically, such crossovers for DOGE have often indicated substantial price increases, including a 130% surge by the end of 2024.
Although the golden cross is not infallible, traders are optimistic that a combination of whale accumulation and strong technicals may signal the beginning of another bull market.
Momentum indicators support the bullish outlook, with Dogecoin (DOGE) maintaining above the 30-day moving average (SMA) and a relative strength index (RSI) at a neutral 57, indicating further upward potential.
Hope for a Dogecoin ETF and regulatory tailwinds.
In addition to market speculation, institutional investors believe that the likelihood of Polymarket receiving approval for a Dogecoin ETF is close to 75%.
Bloomberg ETF analysts Eric Balchunas and James Seyffart have even raised the odds of a spot DOGE ETF approval to 90% by the end of 2025, citing a more favorable regulatory environment for cryptocurrencies.
This approval could become a significant catalyst for Dogecoin's price increase, expanding its exposure among mainstream investors. Combined with whale-like buying, technical breakthroughs, and increased retail interest, this could lay the groundwork for Dogecoin's next 'moon mission.'
Currently, traders are closely watching the resistance level at $0.242 to $0.245. A decisive breakthrough could drive the price up to $0.30, while holding the support level at $0.227 will maintain the bullish momentum.
