Dogecoin Eyes $0.46 as Whales Accumulate Amid Technical Breakout Signals

• Dogecoin’s symmetrical triangle on the daily chart suggests a possible bullish breakout if the price holds above the $0.20 support area.
• Bithereum_io projects target up to $0.466, near the December 2024 high, indicating potential upside momentum in the short term.
• Whales recently purchased 30 million DOGE, boosting total holdings to 10.77 billion and signaling growing investor confidence.

Dogecoin is approaching a pivotal technical level that could trigger a significant price move. According to a recent analysis by Bithereum_io on TradingView, the token is tightening within a symmetrical triangle on the daily chart, a pattern often preceding a breakout. The analysis surfaced on October 5 as the broader crypto market experienced consolidation, with Dogecoin retracing 3% in the past 24 hours.

Despite the mild correction, analysts maintain a positive outlook for Dogecoin. Bithereum_io suggested that current prices could offer an entry opportunity for investors. The study emphasized that traders unexposed to DOGE might consider buying around the $0.220 to $0.209 range. This zone aligns closely with the 200-day simple moving average at $0.204, a level that has provided strong support since August. Dogecoin has sustained trading above this threshold, reinforcing its importance as a potential rebound area if the current correction extends further.

Technical Targets After Triangle Breakout

The analysis outlined several potential price targets should Dogecoin break out upward from the symmetrical triangle. The initial target stands at $0.298, reflecting a 16% gain from current levels. Further price appreciation could see DOGE climbing toward $0.337, followed by rallies to $0.394 and $0.466. The final target aligns closely with the December 2024 peak of $0.4846, indicating that a successful breakout could revisit this multi-month high.

Adding momentum to the bullish narrative, whale activity around Dogecoin has intensified. Data shared by analyst Ali Martinez, citing Santiment metrics, revealed that large holders accumulated approximately 30 million DOGE in the past 24 hours. These whales, owning between 1 million and 10 million tokens, increased their combined holdings to 10.77 billion DOGE. This pattern of accumulation suggests continued confidence among influential investors and supports optimism that Dogecoin could recover once the broader market regains strength.

Market Outlook

Dogecoin remains technically strong above its 200-day moving average, signaling robust support in the current range. If momentum builds and the triangle formation resolves upward, the token could embark on a sustained rally toward its December 2024 highs, supported by renewed whale interest and improving market sentiment.