TL;DR

Dogecoin rises 22% in seven days, with analysts targeting $0.27 and $0.295 after breakout. Golden cross appears on DOGE daily chart, with $0.20 acting as key market support level. Whale purchases exceed 1B DOGE as open interest tops $3.5B during strong market activity.

Bull Flag Breakout on 4-Hour Chart

Dogecoin (DOGE) has risen 22% over the past week and 7.5% in the last 24 hours, changing hands at $0.24. Daily trading volume stands at $3.45 billion. Analyst Trader Tardigrade posted that a bull flag breakout had formed on the 4-hour chart, setting a price target of $0.295.

Notably, the pattern started with an advance from $0.20 to $0.24, creating the flagpole, followed by a short period of downward-sloping consolidation. 

The price has now broken above the upper channel, which, in technical terms, suggests a continuation of the earlier rally. Support levels are around $0.23 and $0.22, with resistance seen at $0.25.

$Doge/4-hour#Dogecoin Bull Flag Breakout, targeting $0.295 pic.twitter.com/QlYb5fNHS1

Analyst Sets $0.27 Near-Term Price Target

Analyst Ali Martinez has pointed to a similar setup on the hourly chart, saying “$0.27 next for Dogecoin.” His chart shows the price moving out of a falling channel after bouncing from the 0.618 Fibonacci retracement near $0.23.

Meanwhile, the breakout comes with potential targets between $0.25 and $0.28 based on Fibonacci extensions. Martinez’s outlook indicates the move toward $0.27 could hold if the price stays above the breakout level.

Source: Ali Martinez/X

Golden Cross Appears on Daily Timeframe

In addition, the daily DOGE/USD chart shows the 50-day simple moving average crossing above the 200-day simple moving average. This “golden cross” happened after a period of range-bound trading.

Trader Tardigrade noted that the last crossover, in late 2023, was followed by a notable rally. The crossover level near $0.20 now serves as an area of support for the market.

Whales Buy In, Speculation Fades

Figures from Coinglass show Dogecoin’s futures open interest at $3.5 billion, up 8% in 24 hours. Options open interest increased 37% to $3.1 million, and options volume rose 80% to $932.4 million.

As CryptoPotato reported, large wallets have acquired more than 1 billion DOGE in recent trading sessions, valued at about $200 million. These holdings now account for nearly half of the circulating supply, matching the broader lift in sentiment across the cryptocurrency market.

In fact, the price jump has quieted talk of a stalled rally until the SEC’s DOGE ETF decision, putting the focus back on trading activity.