Dogecoin Shows Signs of a Potential Price Surge
Dogecoin (DOGE), the popular meme coin, has shown signs of a possible breakout, with itS price currently at $0.2280,marking a 75% increase from April lows.
Technical analysis indicates a bullish trend. The daily chart reveals a bullish flag pattern, which often leads to upward price movement. Also, Dogecoin is close to a mini golden crossâa bullish signal when the 50-day moving average crosses above the 100-day one.
These factors suggest a strong breakout could occur. A prosperous breakout could push the price to $0.4815, a 110% rise from current levels. However, any fall below $0.20 might negate this optimistic forecast.
Dogecoinâs funding rate supports the bullish sentiment. As March 31, the eight-hour funding rate has been positive, indicating long position holders are paying fees to shorts. This usually points to market confidence in price rises.
Large DOGE holders are also buying more, as seen from data showing massive token accumulation as December 2023. These âwhalesâ now hold over 26.46 billion DOGE, up from 23 billion in january.
Moreover, exchange outflows have continued as November 2023. Over $695 million in DOGE has moved from exchanges to wallets, signaling investor confidence in a long-term price increase.
