DOGE Surges 6% as Traders Eye Breakout to $0.35
Dogecoin saw a surge to $0.27, with turnover exceeding 1.1 billion tokens. Whale wallets added 30 million tokens amid speculation about potential inclusion in retirement funds.
Key Developments
- DOGE rose by 6% from $0.25 to $0.27 between Oct. 6 and Oct. 7.
- Accumulation by mid-tier and large holders exceeded 30 million tokens.
- Exchange outflows amounted to $25 million.
- Market anticipates SEC approval for 401(k) eligibility, similar to Bitcoin and Ethereum.
- Analysts observe ascending triangle formations targeting $0.30–$0.35.
Price Action Summary
- DOGE traded within a 7% range ($0.25–$0.27).
- Breakout occurred during 14:00–15:00 with the highest turnover in weeks (1.15B tokens).
- Resistance formed at $0.27, with price consolidation indicating profit-taking.
Technical Analysis
- Support shifted to $0.27 with firm resistance at $0.27–$0.30.
- Chart shows an ascending triangle with higher lows.
- A 42-day cyclical signal aligns with the breakout attempt.
- Sustained closes above $0.27 are needed to confirm momentum toward $0.30–$0.35.
Investor Considerations
- Monitoring if $0.27 becomes durable support.
- Potential breakout through $0.30 for targets into the $0.32–$0.35 range.
- Whale-led accumulation could tighten supply.
- Regulatory developments on retirement fund eligibility may influence flows.