Dogecoin (DOGE) Price May Be on the Brink of a Bullish Breakout

This whale transaction came as Dogecoin price broke out of a chart pattern that traders often associate with trend reversals.

Dogecoin price may be on the brink of a bullish breakout as on-chain and technical signals align with the crypto market surge.

As Bitcoin price reclaimed the $101,000 high on the back of Donald Trump’s announcement of a US-UK trade deal to cut tariffs, DOGE price soared 13%, and a whale moved $148 million.

This whale transaction came as Dogecoin price broke out of a chart pattern that traders often associate with trend reversals. Consequently, the DOGE price soared to $0.1918, a 13% surge, placing Dogecoin among the top-performing crypto assets of the day. Daily trading volume crossed $1.42 billion, marking a 79% increase, while open interest in Dogecoin futures rose by 16.75% to $1.95 billion.

Dogecoin Price Road to $0.29 Target

According to crypto analyst Trader Tardigrade, Dogecoin’s price recently broke out of a diamond bottom formation on the daily chart. This chart pattern typically signals a potential reversal from a downward to an upward trend. According to the technical analyst, if the bull rally continues, the price target is $0.29, a 52% rally from the current levels.

Amid this surge, a DOGE whale moved 807,378,538 DOGE tokens, worth approximately $148.8 million, between two unknown wallets.

The breakout was after a period of reduced volatility. Price action consolidated between mid-March and early May, creating a diamond. When the top meme coin broke above this pattern’s upper threshold, volume increased sharply, adding to its bullish movement.

According to the analyst, Dogecoin price has shown a 29-day consistent cycle, where RSI bullish divergence precedes price rally. Each cycle ends at a breakout, and the most recent RSI move coincides with the timeline indicating a DOGE price rally of $0.29.

Long-Term Support Remains Intact

On the weekly timeframe, crypto analyst Ali Martinez noted Dogecoin is trading above a long-standing ascending trendline that has been in place since October 2024. The current price level near $0.16–$0.18 aligns closely with the 0.618 Fibonacci retracement level, often used by traders to assess pullback zones during trend continuation.

Chart data suggests the price recently bounced off this area, indicating continued support. The analyst remarked, “A dip to $0.14 could present a buying opportunity ahead of a potential rebound to $0.30.” The dotted projection path on the chart outlines a scenario where DOGE continues higher toward resistance levels near $0.24 and $0.32.

This structure supports the idea that the current movement may be part of a broader upward trend, aligning with the Dogecoin price prediction. The higher low structure also remains intact, showing that buyers still maintain control at this stage.

DOGE Whale Activity and On-Chain Metrics Support Uptrend

On-chain data from IntoTheBlock reflects growing confidence among large holders. The number of wallets holding between 10 million and 100 million DOGE grew by 3.96%. This was the largest increase across all tracked wallet cohorts, indicating possible accumulation by institutional or long-term investors.

Smaller whale categories, such as those holding 1 million to 10 million DOGE and 100k to 1 million DOGE, also showed stability or slight growth. These trends suggest continued support and interest in Dogecoin from major holders.

The funding rate according to Coinglass has mostly remained in positive territory since mid-April. A positive funding rate indicates rising confidence in a continued DOGE price rise. This behavior suggests bullish market expectations remain strong among leveraged participants.