Dogecoin (DOGE) Price Prediction: Dogecoin Breakout Possible as Whales Push Toward $0.70

Recent consolidation around $0.23 has not dampened investor optimism. Despite a 2% gain in 24 hours demonstrates resilience, supported by significant accumulation from large holders and rising institutional interest. Traders are now closely watching key resistance levels, eyeing the possibility of a breakout toward $0.70.

Over the past week, whales have scooped up roughly 2 billion DOGE, reflecting renewed confidence among major market participants. This surge in buying power reduces circulating supply and can serve as a bullish signal for investors looking to follow the trend.

Whales bought 2 billion Dogecoin (DOGE) in the past week, signaling strong investor confidence. Source: Ali Martinez via X

Analysts point to $0.36 as a critical resistance level. Should Dogecoin clear this barrier, it could pave the way for a sustained rally toward $0.70. The whale-driven accumulation is further bolstered by strong odds of a potential DOGE ETF, which analysts now estimate at 90% for approval by the end of 2025.

From a charting perspective, Dogecoin has been forming an ABC corrective structure since late June. The current C-wave is composed of five lesser waves, which means that the token is preparing for a larger movement.

DOGE is forming an ABC corrective structure, with the current C-wave developing in five smaller waves since late June. Source: YouTube

Resistance in the short term is $0.26, which also lies at the 61.8% Fibonacci extension. A strong pullback above $0.20 should maintain the bullish picture, while a breakout above the July 21 high of $0.286 would confirm momentum for higher highs.

Traders ought to watch closely for funding rates, options flow, and futures volume since these will provide an indication of whether the underlying bullish structure will persist or have sudden reversals.

The futures market for Dogecoin has seen high open interest, which was over $3 billion. Almost 14.4 billion DOGE were placed in futures positions in a single day, indicating heightened market participation.

DOGE Futures Open Interest (USD) chart. Source: CoinGlass

Growing open interest, coupled with a relatively settled price, signifies new money entering the market, and this is a key factor in favour of potential bullishness. Traders should exercise caution, however, as limited derivatives volume in relation to open interest tends to make the market susceptible to a change in sentiment.

Analyst Ali Martinez has noticed a bullish flag formation on the hourly chart, and the initial target is $0.27. With DOGE continuing to put a bearish squeeze into the higher-volume area, the door is open to $0.36 and then higher on to $0.70.

Dogecoin is forming a bullish flag on its hourly chart, with a breakout expected to drive the price toward the $0.27 level. Source: Ali Martinez via X

Support levels to monitor are $0.20 and $0.25, which are critical to preserving the bullish setup. Above these points must be sustained in order to preserve Dogecoin’s potential rally and attract more institutional money.

Dogecoin is still in the limelight, with whales, institutional investors, and retail traders taking notice. With accumulation being bullish, more participation from futures, and a pending DOGE ETF, the cryptocurrency appears to continue to rise higher.

Dogecoin (DOGE) was trading at around $0.23, up 2.97% in the last 24 hours at press time. Source: Brave New Coin

Short-term fluctuations are possible, but on balance, the situation remains bullish. Both traders and investors will need to watch critical resistance points closely, as breaking above $0.36 could see the start of a significant new trend higher towards the target of $0.70.