Dogecoin is exhibiting a bullish rounding bottom pattern, and a breakout above $0.23 could potentially trigger an 84% price increase.

Whale wallets have accumulated a significant 24.98 billion DOGE, suggesting growing investor confidence.

DOGE is approaching the $0.213 resistance level, and substantial volume above this point could confirm a bullish breakout.

Dogecoin's weekly chart reveals a pattern of incremental price gains followed by more substantial surges. This recurring formation has caught the attention of analysts, who believe the current setup could lead to a significant rally, potentially driving DOGE toward the $1 mark. The meme coin is currently trading around $0.1741 and has recently experienced an increase in both trading volume and accumulation by large holders.

Rounding Bottom Pattern Forms on Weekly Chart

According to an analysis by Trader Tardigrade on X, Dogecoin has been forming a rounding bottom pattern since December 2024. This pattern is typically seen as a bullish reversal signal, often preceding a strong upward movement. Should DOGE successfully break through the neckline resistance at $0.23, it could result in an 84% price surge, potentially reaching $0.44.

Technical indicators also lend support to this potential breakout. The Money Flow Index (MFI), a gauge of buying and selling pressure, has surpassed the 50 level. This movement often indicates increasing capital inflows and suggests growing buying pressure. However, the Average Directional Index (ADX) is trending downwards, which could limit upward momentum in the short term and possibly lead to sideways trading.

An observation by Master Ananda on TradingView also highlighted that Dogecoin is currently testing crucial Fibonacci retracement levels. DOGE has fallen below the 0.618 support level at $0.178 and is now moving towards the 0.786 level at $0.158. If the price experiences further declines, the $0.13 support level could prove to be crucial, as it has previously held firm during past corrections.

Whale Accumulation and Volume Growth Support Bullish Setup

Data from Santiment indicates that whales holding between 10 million and 100 million DOGE have acquired an additional 320 million tokens in the past week. These addresses now control a record high of 24.98 billion DOGE. This accumulation reflects strong investor confidence, even amidst broader market corrections.

Dogecoin is also trading near a critical resistance level at $0.213. This level aligns with the 100% Fibonacci extension, a key indicator for assessing the continuation of a rally. If DOGE manages to break above this level with significant volume, it could signal the beginning of a more pronounced upward trend.