Dogecoin (DOGE) is gaining momentum after a sharp 7% daily surge by ETF speculation, aggressive buying by whales, and supportive technical levels. With the price surging up to $0.2802 and the market cap at $42.29 billion, the technical analyst sets a target for a breakout above $0.30 capable of inducing further upside.
Dogecoin is back in the limelight after a 7.14% increase in the previous 24 hours propelling the price at $0.2802 and the market cap at $42.29 billion. The price increase was a result of various catalysts including ETF speculation, whale movements, and surging analyst enthusiasm.
One of the major drivers behind this rise is rising hopes for a Dogecoin ETF, which has sparked excitement across the market. The recent post suggests approval could come in the near term and this speculation alone has lifted DOGE up by more than 6% in a day.
Fueling the rally further, whale wallets have been very active. In the last 24 hours alone, 280 million DOGE coins were accumulated, indicating fresh belief from major investors. The accumulation has solidified conviction that Dogecoin is about to make a major breakout.
Technically, DOGE is now faced with resistance at the $0.274 and $0.29 area. Analyst Surf is predicting a year-end target of $1. He locations the primary level at the 0.618 Fibonacci retracement at about $0.29. A break above this should see the price increase towards $0.43 and then $1.08.
Despite the optimism, caution remains essential. Analysts highlight that $0.26 is a strong support line. Should this level break down, the current pace may slow and short-term volatilities ensue.
Overall, DOGE is showing new strength as the attention stays centered around prospective ETF approval and mass-scale accumulation. In the short term, the meme coin is becoming one of the closely-observed assets in the universe, and the goal stays the $0.30 breakout level.
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Dogecoin derivatives also reflect this strength, with open interest rose 12.11% to $5.39 billion. Trading volume also followed suit, surging 13.60% to $9.96 billion. These surges indicate strong participation by long and short investors and the growing interest as the price volatility gets firmer across the DOGE market.
Meanwhile, the OI-Weighted ratio is 0.0113%. This is a relatively modest reading, and it reflects stable positioning and controlled leverage. While not extreme, it shows strong participation by investors. With liquidity and demand recovering, the Dogecoin derivatives market of Dogecoin looks more sustainable as investment activity continues to go up.
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