Dogecoin (DOGE-USD) surged 7% on Wednesday as whales poured over 1 billion DOGE, worth roughly $200 million, into their wallets. This flood of buying power pushed the meme coin through multiple resistance levels. Now traders are waiting for a potential charge toward 30 cents.
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The biggest push came between 7:00 and 8:00 a.m., when DOGE saw 1.56 billion tokens trade hands in just one hour. That is nearly three times its daily average volume. This surge confirmed heavy institutional and large-holder involvement in the rally.
Dogecoin’s Bull Flag Breakout Signals More Upside
Technical charts showed DOGE breaking out of a bull flag pattern, a typical setup that signals further gains. At the same time, an emerging golden cross, where the short-term moving average rises above the long-term one, added another bullish signal for traders.
These technical patterns point to a target near $0.30. The last time DOGE saw a similar combination of signals, it produced a multi-week rally. Traders are now watching for confirmation above the $0.25 resistance level, which would open the path toward that higher target.
Profit-Taking Creates Near-Term Cap
Despite the strong rally, DOGE ran into heavy selling pressure just below $0.25. Large holders who bought at lower levels locked in profits, halting the move for now. The selling pulled DOGE back to $0.24 by the close.
However, $0.24 has now become a strong support level after multiple successful retests late in the session. This higher floor is a positive sign for bulls as it shows buyers are stepping in quickly on dips.
For traders, the near-term focus is on breaking through the $0.25 profit-taking zone. If DOGE can close above that level on strong volume, it could trigger another wave of buying toward the $0.30 target.
The mix of whale accumulation, rising support levels, and bullish chart signals is keeping sentiment positive. As long as these factors hold, the 30-cent battlefield could be reached sooner rather than later.
At the time of writing, DOGE is sitting at $0.2426.
