Dogecoin Price Prediction: Whale Purchases and Futures OI Signal Breakout, Is $0.5 Close?

The crypto market remained largely stable during Thursday’s U.S. session, with Bitcoin wavering around the crucial $100k level. Several cryptocurrencies, including DOGE, are preparing for a potential breakout, as indicated by key technical developments and🐋 buying.

Dogecoin Price at $0.38 Poised for Surprising Breakout from Double Bottom Pattern amid Whale Buying

As highlighted by crypto analyst Ali Martinez in a recent tweet, whales have purchased an impressive 200 million DOGE over the past 48 hours.

This rapid accumulation of DOGE by whales serves as a bullish indicator, suggesting that major investors are preparing for potential upward price momentum in the asset.

Furthermore, the Dogecoin futures open interest has seen a remarkable recovery since the beginning of 2025. According to data from CoinGlass, the futures OI metric surged from $2 Billion to $4.77 Billion, indicating a 135% increase in capital inflow.

This surge in capital into Dogecoin’s futures market suggests a growing confluence in expectations of the asset’s price appreciation.

Dogecoin Price Sets Double Bottom for a Major Reversal

Since mid-December 2024, the crypto market sentiment has shifted following consolidation in Bitcoin. The weakening bullish momentum brought the Dogecoin price down from $0.48 to $0.26, indicating a drop of 45%.

The falling DOGE price found its correction bottom at the $0.31 level. Subsequently, it reversed to form a double bottom pattern on the chart.

The technical setup showcases a ‘W’-shaped reversal, indicating a demand pressure surge. The coin price remained above the 100-and-200-day EMA, indicating broader market bullishness.

Currently trading at $0.37, the dogecoin price is $0.06 away from a bullish breakout from the $0.4 neckline resistance.

If the breakout sustains, the post-breakout rally could push the asset 24% up to hit the $0.5 psychological level.