Key Takeaways
Whale accumulation and a cup and handle breakout boosted Dogecoin’s outlook, while rising Open Interest and Funding Rates confirmed strong speculative demand.
Dogecoin [DOGE] has attracted attention after 119,306,143 DOGE, valued at $34.8 million, was transferred from OKEX to an unknown wallet on the 14th of September.
Whale movements of this size frequently trigger speculation about supply tightening on exchanges and potential price stability.
Moreover, such off-exchange transfers often signal stronger conviction from large holders. While the broader market remained volatile, this accumulation narrative strengthens Dogecoin’s bullish appeal.
Additionally, on-chain data has started aligning with technical indicators, suggesting that large players are quietly preparing for higher valuations.
Can DOGE drive to $0.42?
The daily chart, as given below, showed a clear cup and handle structure forming since June, with DOGE breaking above the $0.27–$0.28 support zone.
We can infer that this breakout sets the stage for a potential rally toward $0.42, a key resistance level not tested since early 2024.
Such formations are typically bullish, pointing to continuation patterns that extend previous uptrends.
Furthermore, the momentum observed reinforces buyers’ control in the near term. However, failure to hold current support could invalidate the setup.
For now, price action proposed that optimism dominated, with traders eyeing the projected upside target.
Dogecoin’s Open Interest spikes past $6B
Open Interest (OI) for Dogecoin Futures surged 11.43% to $6.07 billion. This expansion reflected growing speculative inf
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Author: Evans Boto
