- Dogecoin forms a bullish rounding bottom; breakout above $0.23 could lead to 84% price surge.
- Whale wallets hit 24.98B DOGE as accumulation grows, signaling rising investor confidence.
- DOGE nears $0.213 resistance; strong volume above this level may confirm a bullish breakout.
Dogecoin’s weekly chart is showing a recurring pattern of small price increases followed by larger surges. This formation has gained attention as analysts suggest that the current setup could result in a major rally, possibly pushing DOGE toward the $1 mark. The meme coin is currently trading at $0.1741 and has recently seen an increase in both trading volume and whale accumulation.
Rounding Bottom Pattern Forms on Weekly Chart
According to analysis prepared by Trader Tardigrade on X, Dogecoin has been forming a rounding bottom pattern since December 2024. This pattern is known as a bullish reversal signal that often appears before a strong upward move. If DOGE breaks the neckline resistance at $0.23, it could lead to an 84% price surge toward $0.44.
Technical indicators are also supporting this potential breakout. The Money Flow Index (MFI), which measures buying and selling pressure, has crossed above the 50 level. This movement often points to rising capital inflows and suggests that buying pressure is growing. However, the Average Directional Index (ADX) is trending downward, which may limit upward momentum in the short term and could cause sideways trading.
An observation by Master Ananda on TradingView also noted that Dogecoin is testing key Fibonacci retracement levels. DOGE has dropped below the 0.618 support at $0.178 and is now heading toward the 0.786 level at $0.158. If the price drops further, support at $0.13 could play a crucial role, as it previously held firm during past corrections.
Whale Accumulation and Volume Growth Support Bullish Setup
According to Santiment data, whales holding between 10 million and 100 million DOGE have added 320 million tokens in the past week. These addresses now control an all-time high of 24.98 billion DOGE. This accumulation indicates strong investor confidence despite broader market corrections.
Dogecoin is also trading near a critical resistance level at $0.213. According to More Crypto Online, this area coincides with the 100% Fibonacci extension, often a key point for determining if a rally can continue. If DOGE breaks above this level with strong volume, it may signal the beginning of a stronger upward trend.
