Dogecoin price surges 13% with $148M whale move, diamond breakout, and rising futures point to $0.29 target.
The Dogecoin price may be on the cusp of a bullish breakout, as the crypto market surge aligns with on-chain and technical signals. DOGE price surged 13%, and a whale moved $148 million as Bitcoin price reclaimed the $101,000 high in response to Donald Trump’s announcement of a US-UK trade agreement to reduce tariffs.
This whale transaction occurred as the Dogecoin price emerged from a chart pattern that traders frequently associate with trend reversals. Dogecoin was among the top-performing crypto assets of the day, as the DOGE price surged to $0.1918, a 13% increase. Open interest in Dogecoin futures increased by 16.75% to $1.95 billion, while daily trading volume surpassed $1.42 billion, representing a 79% increase.
Road to the $0.29 Target for Dogecoin Price
As per crypto analyst Trader Tardigrade, Dogecoin’s price recently emerged from a diamond bottom formation on the daily chart. This chart pattern typically indicates a potential reversal from a downward to an upward trend. The price target is $0.29, representing a 52% increase from the current levels, according to the technical analyst, provided the bull rally persists. Amid this surge, a DOGE whale transferred 807,378,538 DOGE tokens, which are estimated to be worth $148.8 million, between two unidentified wallets.
The outburst occurred after a period of diminished volatility. A diamond was formed due to the consolidation of the price action between mid-March and early May. The volume of the top meme coin surged significantly when it surpassed the upper threshold of this pattern, contributing to its bullish trajectory.
According to the analyst, the Dogecoin price has demonstrated a 29-day consistent cycle, during which RSI bullish divergence precedes the price rally. The most recent RSI movement is consistent with the timeline, which suggests a $0.29 price increase for DOGE. Each cycle concludes with a breakout.
Long-Term Assistance Continues to Exist
Crypto analyst Ali Martinez observed that Dogecoin is trading above a long-standing ascending trendline that has been in place since October 2024 on the weekly timeframe. The 0.618 Fibonacci retracement level, which traders frequently employ to evaluate decline zones during trend continuation, is closely aligned with the current price level of $0.16–$0.18.
Chart data indicates that the price has recently rebounded from this region, suggesting ongoing support. The analyst stated, “A dip to $0.14 could provide a buying opportunity before a potential rebound to $0.30.” The dotted projection path on the chart depicts a scenario in which DOGE continues to ascend toward resistance levels at $0.24 and $0.32.
As this structure suggests, the current movement may indicate a broader upward trend, consistent with the Dogecoin price prediction. The higher low structure also remains unaltered, indicating that purchasers continue to exercise control at this juncture.
DOGE Whale Activity and On-Chain Metrics Support Uptrend
Large holders’ confidence is increasing, as evidenced by on-chain data from IntoTheBlock. The quantity of purses that contain between 10 million and 100 million DOGE increased by 3.96%. This was the most significant increase among all monitored wallet cohorts, suggesting that institutional or long-term investors may have accumulated assets.
Stability or modest growth was also observed in smaller whale categories, including those with 1 million to 10 million DOGE and 100,000 to 1 million DOGE. These trends indicate that significant holders of Dogecoin continue to demonstrate their interest in and support of cryptocurrency.
Since mid-April, the funding rate has remained positive, as per Coinglass. A positive funding rate suggests a growing confidence level in the ongoing increase in the price of DOGE. This behavior implies that leveraged participants continue to harbor optimistic market expectations.
