The cryptocurrency market has seen a recent shift in favor of altcoins, with a particular focus on Dogecoin (CRYPTO: DOGE). The price of Dogecoin rose more than 24% over 24 hours, continuing a strong performance over the last month.

What Happened: According to CoinMarketCap data, the price of Dogecoin is up 67.17% over 30 days and 46.15% over the last seven days.

As of the early trading hours of May 11, Dogecoin is trading at $0.2571 with strong momentum, fueled by massive whale accumulation and technical breakouts across multiple timeframes.

Popular cryptocurrency analyst Ali, known on X (formerly Twitter) as @ali_charts, pointed out that whales have accumulated 600 million Dogecoin in just two days.

A Santiment chart shared in his post shows a steep accumulation curve, which is being driven by wallets holding between 100 million and 1 billion DOGE.

Whales have bought 600 million #Dogecoin $DOGE in the last 48 hours!

This kind of activity is often a strong leading indicator of institutional or smart-money interest.

Usually, we see whales accumulating ahead of major price moves and in this case, it aligns closely with the Dogecoin price breakout.

Dogecoin Price Action: The move in the last 24 hours saw the price of Dogecoin surge nearly 25%.

The cryptocurrency is now trading at $0.2571 at the time of writing. The price action was fueled by high trading volumes, with CoinMarketCap reporting 24-hour trading volume of $3.47 billion, a 46.80% increase from the previous day.

Technical charts are also flashing bullish signals for Dogecoin. The DOGE/USDT pair on Binance pushed from $0.20 to a high of $0.25 in a matter of hours, forming a strong green candle on the 1-day chart.

The parabolic nature of the breakout has led many traders to believe a new bullish cycle may be starting, especially for meme coins.

Ash Crypto, a crypto trader and analyst, captured the essence of the market's sentiment in his post: "Massive day for crypto! BTC broke $104k and the entire market flipped to 75 Greed. Also, DEFI is starting to heat up and we're seeing some good moves from ADA, LINK, and SOL." He further added, "Historically, the DOGE pump starts the altseason. Let's hope for the same this time!"

On the technical front, Dogecoin is showing bullish signals from nearly every angle. According to CentralCharts data, the coin has blitzed through key resistance levels, including the Bollinger Band upper line at $0.234 and the 100-day moving average around $0.197.

The most crucial level to watch now is $0.256, which is labeled as “Oblique Minor Resistance” on the chart. Dogecoin prices have already pierced through it, suggesting that the next target could be $0.30 and beyond, provided it closes the day above this threshold.

According to the TradingView technical summary, there are 15 moving averages that are showing either a “Buy” or “Strong Buy” signal on the 1-day timeframe, indicating broad upward support across short- and long-term trends.

Oscillators, however, are mostly neutral, with only a few suggesting that the asset may be entering overbought territory. Among those indicators, the Relative Strength Index (RSI) stands at 2.51. While this is a high reading and typically signals overbought conditions, it’s not unusual during the early stages of a breakout.

Overall, these signals suggest that, from a trader’s perspective, Dogecoin is entering a strong uptrend with momentum clearly on its side.

See More: Top 5 Cryptocurrency Prices Today, May 11