- Whales Buy 800M DOGE Ahead of Breakout Zone
- RSI Shows Higher Lows, MACD Turns Bullish
- DOGE May Peak in June as Trendline Breaks
Dogecoin is approaching a crucial price zone as technical and on-chain data point to a breakout from its long-standing downtrend. Analysts are closely watching the pattern forming on the chart, which shows DOGE inside a rectangle formation. The breakout is expected to surpass the descending trendline, and some projections estimate a peak by late May or early June, aligning with other major altcoins like BNB.
Whale Accumulation Sparks Momentum Ahead of Breakout
According to data from Santiment, large Dogecoin holders acquired over 800 million DOGE in 48 hours, totaling approximately $128 million. These whale addresses increased their holdings from 71.36 billion to 72.18 billion tokens during this period. This move supported the rise in DOGE’s price from $0.131 to $0.159.
The accumulation occurred while DOGE was trading in a key accumulation zone. Whale purchases often suggest growing institutional confidence and typically precede increased retail participation. As a result, retail sentiment shifted positively, following the move in anticipation of a possible breakout above resistance levels near $0.18.
Momentum indicators have supported this outlook. The RSI has continued to show higher lows, and the MACD lines are nearing a bullish crossover. These signs are similar to previous price bottoms that led to recoveries. Traders are now observing whether DOGE can maintain price levels above $0.15 to sustain the bullish pattern.
Technical Indicators Support Breakout from Downtrend Line
According to analysis prepared by Trader Tardigrade on April 17, Dogecoin confirmed a breakout on the 4-hour chart. DOGE traded at $0.092 following a recovery from $0.085, with trading volume rising by 20% above the weekly average, as reported by CoinGecko.
The breakout above the trendline has been supported by rising RSI readings and a bullish crossover on the MACD. DOGE also moved above the 50-day moving average, which now serves as support near $0.091, according to TradingView. Resistance remains at $0.095 in the short term, with broader targets between $0.18 and $0.23.
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.
