Dogecoin is poised for a significant price move as whales have purchased a substantial amount of the cryptocurrency. Over 800 million DOGE tokens were accumulated by large holders in just 48 hours, totaling approximately $128 million, fueling a notable price surge from $0.131 to $0.159. The momentum is being driven by whale activity and positive retail sentiment as the cryptocurrency approaches a key breakout zone on the chart. Analysts suggest this breakout could lead to DOGE surpassing its downtrend resistance line by late May or early June, aligning with bullish predictions for other major altcoins like BNB.
Technical indicators are also supporting this anticipated breakout. The RSI shows higher lows and the MACD is nearing a bullish crossover, signals similar to past price bottoms that have led to recoveries. However, traders need to observe if DOGE can sustain its recent price levels above $0.15 to ensure the bullish pattern continues.
Additional insights come from reports by CryptoQuant analysts who suggest this breakout could kickstart an uptrend cycle for DOGE. If sustained, the price may reach peaks between late May and early June. This aligns with observed patterns in other major altcoins such as BNB, indicating a possible positive trend in the broader cryptocurrency market.
The article is from Crypto Front News.