During Thursday’s U.S. market session, the crypto market experienced low volatility as Bitcoin wavers around the $100k floor. Along with BTC’s potential breakout from the aforementioned level, several cryptocurrencies, including DOGE, are preparing for a similar move. The Dogecoin price at $0.38 shows potential for a surge past key neckline resistance of double bottom pattern amid whale buying. Is $0.5 close?
Key Highlights:
- Crypto analysts reported that whales purchased 200 million DOGE in the past 48 hours, signaling strong interest.
- A double bottom formation could push the Dogecoin price recovery to $0.5.
- The 100-day exponential moving average offers strong pullback support to crypto buyers.
Dogecoin Price: Whale Purchases and Futures OI Signal Breakout
In a recent tweet, crypto analyst Ali Martinez reported that whales have purchased an astonishing 200 million DOGE over the past 48 hours. The rapid accumulation of DOGE by whales often serves as a bullish indicator, as it suggests that major investors are positioning themselves for potential upward price momentum.
Adding to the bullish note, the DOGE futures open interest has recorded a remarkable recovery since the onset of 2025. According to CoinGlass data, the OI data value surged significantly from $2 Billion to $4.77 Billion, projecting a surge of 135%.
This increase suggests a sharp rise in capital inflow into Dogecoin’s futures market, reflecting heightened trade activity and growing confluence in the asset’s potential price appreciation.
Double Bottom Pattern Sets Major Reversal
Since Mid-December 2024, the crypto market sentiment has remained in uncertainty following consolidation in Bitcoin. The weakening bullish momentum plunged the Dogecoin price from $0.48 to $0.26, showcasing a drop of 45%.
The falling DOGE price currently maintained its correction bottom at the $0.31 level. Recent reversal from the aforementioned level to form a double bottom pattern. The chart setup displays a ‘W’-shaped reversal, indicating a surge in demand pressure.
The coin price holding above 100-and-200-day EMA shows the broader market sentiment is bullish. Currently trading at $0.37, the dogecoin price is 6% short from a bullish breakout of $0.4 neckline resistance.
If the breakout sustains, the post-breakout rally could push the asset 24% up to hit the $0.5 psychological level.
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