Dogecoin price jumps 12% to $0.25 as whales amass $200M in DOGE and bullish technical patterns strengthen market momentum.
The price of Dogecoin has experienced a noteworthy upswing, increasing by almost 12% during the last day.
A variety of bullish indications are followed by the surge, indicating additional upward momentum.
As Rally Continues, Dogecoin Price Approaches $0.25
The Dogecoin price has risen by 12% over the past day, according to data from CoinMarketCap. It has now gained 24% in just seven days.
One crucial sign of the most recent movement is the confirmation of a Golden Cross on the daily chart.
This bullish configuration has historically preceded significant Dogecoin price gains.
Similar formations produced gains of 25% to 130% in a few weeks in late 2023 and early 2024.
The crossover, which is now forming near the $0.20 level, is seen by analysts as a critical support zone that lessens the possibility of a drop.
Additionally, according to blockchain statistics, over 48 hours, major holders just bought 1.08 billion DOGE worth over $200 million.
As a result, over half of all whales in circulation now own a whale.
By decreasing sell-side liquidity, such focused buying might produce a “supply squeeze,” which raises prices.
According to analysts, whales have typically launched larger rallies from price zones between $0.23 and $0.25.
Open interest in Dogecoin futures rose 16% to $3.7 billion, while options trading climbed 80% to $932 million.
Since funding rates remain neutral at +0.0093%, excessive leverage is not driving the rally.
However, with nearly $40 million worth of Bitcoin liquidations in the past day, market volatility remains a concern.
The probability of a Dogecoin ETF being approved in the United States is 75%, according to Polymarket, which adds to the optimistic outlook.
In April, asset manager 21Shares became the third company, after Bitwise and Grayscale, to submit an S-1 form to the U.S. SEC for a spot DOGE ETF.
The SEC is still reviewing Grayscale’s March spot Dogecoin ETF application.
More than 70 other altcoin ETF applications, such as those for XRP, Solana, and Litecoin, are also being examined by the regulator.
Experts Forecast Higher Dogecoin Price Targets
The rally may continue in the upcoming weeks, according to experts.
Trader Kaleo likened the current DOGE/BTC chart to early 2021 trends in a recent X post.
“It’s only a matter of time,” he said, before corporate treasuries will think about making significant DOGE acquisitions.
He also suggested the audacious long-term goal of $6.9420.
Technical expert Ali also pointed out a bullish flag that was developing on the hourly chart of Dogecoin.
In addition, he predicted that if the pattern turns upward, the short-term aim would be $0.27.
