Top 3 reasons Dogecoin price may jump 110% soon

Dogecoin Shows Bullish Signals as Whales Increase Holdings

Dogecoin, the top meme cryptocurrency, is displaying strong signs of an upcoming price surge. The digital asset has already climbed 75% from its April lows, currently trading at $0.2280.

Technical Indicators Point to Potential Upside

The daily chart reveals a bullish flag pattern forming, which often precedes continued upward movement. Dogecoin is also approaching a golden cross formation as the 50-day and 100-day EMAs converge. These technical signals suggest a possible breakout once the current pattern completes.

Market Sentiment Remains Positive

Dogecoin's funding rate has stayed positive since March 31, with the eight-hour rate continuing to rise according to CoinGlass data. This indicates traders are willing to pay premiums to maintain long positions, reflecting bullish market expectations.

Whale Activity Signals Confidence

Large investors appear to be accumulating Dogecoin, with addresses holding 100 million to 1 billion DOGE now controlling over 26.46 billion tokens - the highest level since December 2023. These holdings have grown from 23 billion tokens in January, showing increasing confidence among major players.

The market has also seen consistent exchange outflows since November 2023, with over $695 million withdrawn from exchanges since April 1. This movement to private wallets typically signals long-term holding intentions.

Key Price Levels to Watch

If the bullish momentum continues, the next major resistance sits at $0.4815 (November 2023's peak), representing a potential 110% gain from current levels. However, a drop below $0.20 would negate the current positive outlook.