Large investors, often called “whales,” went on a spree accumulating Dogecoin (CRYPTO:DOGE) as they snapped up over 220 million DOGE in March 2025.

This accumulation comes amid a recent price surge of 7.3% in the past 24 hours, pushing the popular meme cryptocurrency to around $0.174.

Increased whale activity suggests growing optimism about the cryptocurrency’s future price movement. At the current price, DOGE has seen a 1.89% gain in daily charts, showcasing the strength of the broader cryptocurrency market.

Technical indicators are hinting at further upside potential. The cryptocurrency recently broke out of a falling wedge pattern, which is typically viewed as a bullish signal among traders and analysts.

The four-hour Relative Strength Index (RSI) has entered oversold territory, often serving as a signal for a price bottom.

Market observers suggest that as long as Bitcoin (CRYPTO:BTC) maintains its present trajectory, Dogecoin could be aiming for the $0.22-$0.25 range in the coming weeks.

Dogecoin: Bullish Patterns Emerge

Crypto analyst Javon Marks has identified an interesting development in Dogecoin’s price movements. According to Marks, DOGE is forming a series of higher lows, a technical pattern that has historically been observed to precede major price rallies.

« $DOGE (Dogecoin) is holding another set of Higher Lows and so far since its low, each time this has happened a surge in price to higher levels has happened!

With the target at $0.6533, prices can be setting up for the next wave in an over +270% run to reach & break above it. »

This pattern could lead to a rally of over 270%, potentially pushing DOGE toward $0.6533, suggests Marks, whose analysis highlights the historical correlation between price surges and the formation of higher lows.

The analyst pointed out that Dogecoin’s long-term breakdown from a descending triangle has now confirmed the bullish setup. This technical development further strengthens the positive outlook for the cryptocurrency.

Dogecoin’s price action is showing a bullish breakout from months of range-bound movement. Since sliding from its all-time high of $0.6818 in 2021, DOGE has been on a path to recovery.

The recent breakthrough above the descending triangle resistance marks a key turning point. Analysts believe this development could set the stage for an extended rally in the coming months.

Market Sentiment Shifts As Buyers Return

Market sentiment for Dogecoin seems to be shifting in a positive direction as buyers are returning to the market in a big way.

After slipping to a two-week low of $0.160, investors began scooping up DOGE, helping to drive prices up from the crucial support level.

Dogecoin’s derivatives market also saw some growth, with options volume increasing by 84.21% and Options Open Interest rising by 8% to $804,000.

Trading volume surged by 22%, reaching $1.22 billion, while Open Interest climbed 7.23% to $1.67 billion.

Prior to these gains, Dogecoin had been on a downward trend, declining by 5.45% weekly and 15.5% monthly.

The recent bullish crossover on the RSI supports the observation that buyers have regained control of the market.

This is evidenced by the positive order imbalance, indicating more buy orders than sell orders in the market. Such behavior denotes strong bullish sentiment, as investors view current prices as favorable entry points.

Dogecoin’s Long/Short Ratio reveals that buyers are returning to take long positions. The number of longs has shot up to 71.47% over the past day, while shorts comprise only 28% of futures contracts.

A dominance of long positions suggests that investors are optimistic and anticipate near-term price increases. With buyers holding the majority, DOGE is poised for potential price surges if this momentum continues.

If the Stochastic RSI completes its upward movement and forms a bullish flip, it will validate the RSI’s bullish crossover. This confirmation will signify a continuation of the uptrend, suggesting that Dogecoin can sustain its recent gains.