Whales + Ants Simultaneously Flow In…Dogecoin Surge Signal Appears

▲ Dogecoin (DOGE)/ChatGPT generated image ©

Dogecoin (DOGE) has revived its short-term upward momentum by breaking through the psychological resistance level of $0.10 amid a simultaneous influx of whales and individual investors.

According to the investment media FXStreet on April 29 (local time), DOGE surged by more than 10% during the day, recovering the $0.10 level. This is analyzed as a result of a combination of large-scale capital inflow and increased interest from individual investors. Technically, the short-term upward trend is strengthening, and market sentiment is improving.

In terms of supply and demand, whale activity has distinctly increased. Large transactions over $1 million rose from 27 to 39 in a single day, indicating a re-entry signal from large investors. Simultaneously, according to Santiment data, social share increased from 0.128% to 0.287%, rapidly expanding individual investor interest as well.

The derivatives market is also supporting the bullish trend. Open interest increased by more than 24% over 24 hours, expanding to approximately $1.78 billion, and the funding rate also remained positive at 0.0043%, confirming a preference for long positions. During the same period, liquidations totaling approximately $21.73 million occurred, with $21.30 million of this being short position liquidations, indicating an upward trend characteristic of a short squeeze.

Technically, short-term bullishness prevails, but signs of overheating are also detected. DOGE broke above the 50-day moving average of $0.0968 and exited the downtrend line upwards, but it still remains below the 200-day moving average of $0.1249. The Relative Strength Index (RSI) is 73, close to the overbought zone, suggesting a potential moderation in the short-term upward speed.

The key going forward is whether it can break through the 200-day moving average. Upper resistance levels are in the $0.1161 and $0.1249 range, and if these are surpassed, there is further room for upward movement to $0.1565. Conversely, if the $0.10 support level collapses, the possibility of a correction to $0.0879 cannot be ruled out.

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