Dogecoin Sees Renewed Activity Following Major Accumulations
Dogecoin (Doge) has gained traction recently, especially after significant whale activity saw a massive accumulation of around $200 million worth of Doge in just a single day. This surge helped elevate Doge’s price to approximately $0.24, marking an increase of 11.2% within the last 24 hours, according to Coinmarketcap.
Interestingly, the large ownership now represents nearly 50% of the total supply, indicating a rise in institutional confidence. Analysts point out that this level of concentrated purchasing might limit available liquidity for sellers, potentially setting the stage for more significant price movements in the future.
Based on technical analysis, there seems to be an 18% potential increase towards the $0.26 range, with hopes that breaking above $0.28 could lead to a pathway towards $0.35.
Noteworthy Developments with a Bullish Signal
Amidst the excitement, Dogecoin has formed a golden cross for the first time since November. This bullish indicator occurs when the 50-day Simple Moving Average crosses above the 200-day moving average.
Historically, such crossovers have often led to significant rallies, including a notable 130% increase observed in late 2024.
While the golden cross isn’t without its risks, traders seem hopeful that the combination of whale accumulation and strong technical indicators could signal the beginning of another bullish trend.
Observing the momentum index, Doge has surpassed the 30-day SMA, with the relative strength index (RSI) resting at a neutral 57, suggesting there’s still room for further gains.
Institutional Support for Dogecoin ETFs
On the institutional side, investors have placed Polymarket odds at nearly 75% for the possible approval of Dogecoin ETFs.
Bloomberg ETF analysts Eric Bulknath and James Seifert have even raised the approval likelihood for the Spot Doge ETF to 90% by the end of 2025.
These potential approvals could serve as key drivers for Doge’s price movement, possibly expanding its appeal to mainstream investors. Coupled with whale purchases, technical breakouts, and a growing interest among retail traders, Doge might be gearing up for its next big leap.
Currently, traders are keeping an eye on resistance levels between $0.242 and $0.245. A breakthrough here could propel prices towards $0.30, while maintaining support above $0.227 continues to paint a positive picture.
