Dogecoin (DOGE) is showing familiar signals, indicating a potential breakout after a period of accumulation. The price of this memecoin is moving according to a pattern seen before: accumulating within a bullish flag channel, followed by a strong price increase. This time, the scenario seems no different, as DOGE is testing the upper boundary of the current flag pattern.
Recent price movements have primarily been a consolidation phase, with bulls steadfastly maintaining key support levels. As DOGE approaches the resistance threshold of the flag, the current technical picture suggests a potentially strong breakout. If history repeats itself, DOGE could soon surpass the $0.30 mark.
Whale Activity Reinforces Bullish Signals
Adding strength to the optimistic scenario is a significant increase in the activity of DOGE “whales.” On-chain data from CryptoQuant shows steady accumulation from large transactions at the current price level. Strategically established long positions indicate that major investors are preparing for a price increase.
Whale accumulation is often a strong indicator of price trends, especially when combined with technical signals like the current bullish flag pattern. Their influence on the market at this stage appears to lean towards the optimistic side.
Active Addresses Surge by Over 34% in 24 Hours
Further reinforcing the bullish outlook is a spike in Dogecoin’s network activity. Currently, the number of active DOGE addresses has increased by over 34% in just 24 hours—a clear sign of growing participation and renewed interest from the broader market community.
This increase is often a precursor to significant price fluctuations, reflecting heightened demand and trading activity. Combined with whale accumulation and the bullish chart pattern, the likelihood of a major breakout becomes more enticing than ever.
Targeting the $0.30 Mark? Key Factors to Watch
While nothing is certain in the cryptocurrency market, the convergence of technical signals and on-chain data is creating a compelling case for a strong price increase.
If DOGE can convert the flag resistance into support, the bullish momentum could push the price well beyond the $0.30 mark. Investors should closely monitor price movements at this resistance level, along with whale activity and network vibrancy, to seize opportunities from the potential upcoming breakout.
