Dogecoin (CRYPTO: DOGE) is up 7% on the day as a wave of whale activity and institutional interest boosts optimism for a major breakout.
What Happened: Trader Tardigrade highlighted that DOGE/BTC has broken out of a descending trendline, suggesting DOGE may be preparing for a strong leg higher.
Trader ‘Investments_CEO’ predicted Dogecoin is “very close” to setting a new all-time high, citing rapidly rising smart money activity.
Nology remains bullish, though he admits he may have underestimated DOGE’s full potential in a max bull scenario.
He’s watching closely as price approaches a key resistance zone, what he calls the “big red bar”, which may either confirm a breakout or reject the move.
Crypto chart analyst Ali Martinez observed DOGE breaking out of an ascending triangle pattern, with an upside target around $0.195.
Also Read: A 93-Day Dogecoin Bull Spring May Be About To Begin
Why It Matters: 21Shares officially launched its Dogecoin exchange-traded product today, which has backing from the Dogecoin Foundation.
This marks a major milestone, providing regulated access to DOGE for traditional investors.
Whale activity has soared 900%, as large holders appear to be accumulating and holding DOGE aggressively.Â
Coinglass data shows DOGE derivatives trading volume having expanded by 65.8% in single day, while open interest spiked 11.3% implying rising interest of traders.
Liquidations totaled $11.8 million, with shorts accounting for $8.8 million, indicating bearish traders were forced to exit as prices spiked.
Read Next:
Image: Shutterstock
Recent Comments