The price of Doge has surged over 90% this week, breaking through the cup and handle formation and reaching a new 3-year high. Whale accumulation and market recovery signal a bullish trend. More information Crypto Buns
On November 11, the leading cryptocurrency Bitcoin surged to a new all-time high of $81,500, triggering a broader market breakout. While most major Altcoins followed the same trend, this meme cryptocurrency experienced a high-momentum rebound, thanks to its inherent volatility and appeal to speculative traders. The price of Doge has risen 90% weekly, reaching a 3-year high of $0.297. The current DOGE price is $0.2908, with a 24-hour gain of 28.14%. The asset's market capitalization is $42.65 billion, with a 24-hour trading volume exceeding $16.9 billion.
Whale accumulation signals a potential trend reversal in DOGE
According to Santiment data, the accumulation of whale wallets holding between 100 million and 1 billion coins has increased significantly, from 2.68 million coins to 30.56 million coins.
This substantial increase highlights the strong long-term confidence of large investors in the asset's potential. Historical data shows that whale accumulation often coincides with major market bottoms, suggesting that the price of Doge may be poised for a trend reversal.
Supply distribution | Santiment
Conversely, if the Doge price fails to maintain above the C&H neckline, sellers may strengthen their control over these assets and prolong the sideways trend.
It is worth noting that the large trading volume of DOGE has increased by over 5% in the past 24 hours. Such a significant trading volume suggests that institutions and whales are heavily involved as the price approaches resistance levels, signaling a bullish outlook and indicating a bullish signal for Doge.
DOGE's open interest continues to rise
Moreover, more and more investors are heavily betting on DOGE, with trading volume surging 220% in the past 24 hours. At the same time, DOGE's open interest has soared 19% in the past 24 hours and has been steadily increasing.
The growing open interest suggests that people are confident in the meme coin and may support its upcoming rebound.
When combining these on-chain indicators with technical analysis, it appears that the bulls currently dominate the asset.
Can the Doge price break through $0.4 by the end of October?
Since early September, DOGE has experienced a steady recovery, starting from the bottom support of $0.091. With the support of increasing trading volume, the formation of new highs and lows has boosted the confidence of buyers in driving the upward trend.
However, with Trump's victory, the cryptocurrency market has accelerated its recovery. The price of Doge has surged significantly from $0.148 to a high of $0.2978, a gain of over 100%.
The weekly chart analysis shows a massive green candle breaking through the $0.228 cup and handle neckline. This formation began with a "cup-shaped" pattern, i.e., a rounded bottom formed after a decline, indicating a gradual recovery phase as selling pressure eases and buyers return. The subsequent "handle" formed a brief consolidation or retracement near the resistance level, recovering the weakened bullish breakout.
If the breakout continues, the Doge price forecast may reach $0.4, a potential upside of 53%.
Expectations for Doge
Looking ahead, user engagement, whale accumulation, and increased on-chain activity have triggered further price surges in DOGE. Additionally, the golden cross formation in the short term will also drive the price of Doge higher. Furthermore, the positive impact of Trump's victory and Musk's influence have also made the long-term prospects of Doge increasingly optimistic.
The daily active addresses of Doge indicate a significant increase in new users, active wallets, and non-zero balance addresses. This outlook reflects the increase in user engagement and on-chain activity, which is consistent with the current DOGE price.
If the forecast materializes, the price of DOGE may break through the $0.4 level, which would allow DOGE to surpass and stabilize above the ranking of XRP. However, it should also be noted that after the recent bullish momentum, DOGE may experience a temporary correction to consolidate and regain strength, but this does not affect the long-term bullish trend, as the price has already risen so much, a correction is nothing to be too worried about, as it will only make the subsequent rally stronger.
