In the past week, the price of Dogecoin (DOGE) has risen by 22%, attracting the attention of analysts and investors. Market activity is increasing, driven by several technical signals.
Bull Flag Breakout on 4-Hour Chart
Dogecoin's price has increased by 22% over the past week and by 7.5% in the last 24 hours, reaching $0.24 with a trading volume of $3.45 billion. Analyst Trader Tardigrade noted that a bull flag breakout formed on the 4-hour chart, setting a target price of $0.295. The pattern started with an advance from $0.20 to $0.24, creating the flagpole, followed by a short period of downward-sloping consolidation. The price has now broken above the upper channel, suggesting a continuation of the earlier rally. Support levels are around $0.23 and $0.22, with resistance at $0.25.
Near-Term Price Target of $0.27
Analyst Ali Martinez pointed to a similar setup on the hourly chart, stating that "$0.27 is next for Dogecoin." His chart indicates the price breaking out of a falling channel after bouncing from the 0.618 Fibonacci retracement near $0.23. Martinez's outlook suggests the move towards $0.27 could hold if the price remains above the breakout level.
Whale Purchases and Changing Sentiment
Figures from Coinglass show Dogecoin's futures open interest at $3.5 billion, up 8% in 24 hours. Options open interest increased by 37% to $3.1 million, and options volume rose by 80% to $932.4 million. In recent trading sessions, large wallets have acquired more than 1 billion DOGE, valued at about $200 million. These holdings now account for nearly half of the circulating supply, coinciding with a broader lift in sentiment across the cryptocurrency market. In fact, the price jump has quieted speculation of a stalled rally until the SEC's DOGE ETF decision.
Dogecoin's sharp increase in recent days demonstrates market activity in the cryptocurrency space and strengthened positions. Technical indicators and significant activity from large investors create a positive outlook for further price movement.
