Whale Buying Explodes…Will Dogecoin Break $0.10 This Time?

▲ Dogecoin (DOGE), cryptocurrency whale/AI generated image ©

Despite being repeatedly blocked by resistance on the verge of breaking $0.10, Dogecoin has entered a phase of 'major volatility' driven by derivatives capital inflow and whale buying.

According to FXLeaders, an investment media outlet, on April 28 (local time), Dogecoin (DOGE) is currently trading between $0.098 and $0.100, making its 6th or 7th attempt to break $0.10 since February. This range has acted as strong resistance, but repeated tests are fueling expectations of a breakthrough.

The market views a breakout above $0.10-$0.102, accompanied by trading volume, as a key turning point. Analysis suggests that if this level is surpassed, there could be room for a short-term rise to $0.11-$0.12, and further to $0.14-$0.156.

In the derivatives market, bullish expectations are clear. Open interest has increased from $629 million to as high as $1.2 billion, reaching a two-month high. Approximately $100 million in additional funds flowed into Binance alone, and the long/short ratio is gradually tilting towards the bullish side.

Whale buying continues. Large investors have been steadily accumulating hundreds of millions of DOGE, which is typically interpreted as a 'smart money' signal. However, spot trading volume remains low, which could be a variable affecting the sustainability of the rally.

Technically, a symmetrical triangle pattern has formed. The price is moving in a narrow range between $0.093 and $0.101, with support levels suggested at $0.095-$0.09. If it breaks down, there's a possibility of a drop to $0.08.

The market considers whether Dogecoin breaks $0.10 as a key variable determining its future direction. If successful, a rapid rise of over 20-30% is possible, but if it fails, given the high-leverage structure, liquidation cascades could lead to increased downward volatility.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*