Dogecoin (DOGE) is approaching a crucial price zone as technical and on-chain data point to a potential breakout from its long-standing downtrend. Analysts are closely monitoring the pattern forming on the chart.
Whale Accumulation
According to Santiment, large Dogecoin holders acquired over 800 million tokens in 48 hours, totaling approximately $128 million. This moved their holdings from 71.36 billion to 72.18 billion tokens, supporting the rise in DOGE’s price from $0.131 to $0.159.
Technical Indicators Support Breakout
According to analysis prepared by Trader Tardigrade, Dogecoin confirmed a breakout on the 4-hour chart, trading at $0.092 after recovering from $0.085. The rise in trading volume by 20% above the weekly average supports this breakout.
Growth Prospects in the Coming Months
CryptoQuant analysts note that this breakout may begin an uptrend cycle for DOGE. If sustained, the price could peak between late May and early June, coinciding with patterns seen in other major altcoins such as BNB.
Thus, the accumulation by large holders and support from technical indicators create optimistic prospects for Dogecoin. Market participants are closely monitoring for a potential breakout and new price levels.
