- Dogecoin (DOGE) is on the verge of a potential 25% rally, but must first close above the key resistance level of $0.1985 to trigger a short squeeze and further upside.
- Despite a large whale transfer to Robinhood raising concerns, strong long positions and exchange outflows signal growing bullish momentum.
Dogecoin (DOGE) is once again in the spotlight as the memecoin rallies over 6.5% in the past 24 hours, currently trading around $0.195. But while technical indicators and market activity hint at a potential 25% breakout toward $0.25, traders must first keep a close eye on a crucial resistance level—$0.1985.
According to on-chain data from CoinGlass, bullish traders have accumulated $22.64 million in long liquidation leverage, concentrated between $0.1876 and $0.1984. A daily close above $0.1985 could trigger a wave of liquidations on short positions, igniting a potential short squeeze and fueling further upside momentum.
Also read: Uniswap (UNI) Price Surges 14% Amid Holder Growth and Treasury Boost – Can the Rally Withstand Liquidity Pressure?
However, the optimism was slightly tempered by a whale move that caught analysts’ attention. Whale Alert reported that an unidentified wallet transferred 155 million DOGE to Robinhood—a move that raised concerns about a possible sell-off. In crypto, whale transfers to centralized exchanges are often viewed as bearish signals, potentially indicating intent to dump tokens into rally-driven liquidity.
Despite this, market sentiment remains largely bullish. Data suggests that traders are not backing down. Notably, DOGE recorded an exchange outflow of $6.32 million in the past 24 hours, indicating that investors are withdrawing tokens from exchanges—typically a sign of long-term holding or staking intentions.
Additionally, trading volume spiked over 65% as traders rushed to capitalize on the breakout. The rally followed DOGE’s successful break past a descending trendline, confirming a reversal pattern that had been building for weeks.
Technical charts now show DOGE poised to break above its immediate resistance at $0.196. If bulls manage to push the price beyond $0.1985, analysts at AMBCrypto believe the path to $0.25 will be wide open.
While whale movements suggest caution, the weight of derivative positions, exchange outflows, and heightened trading activity paints a bullish picture for DOGE in the short term. Traders will be watching closely—because once DOGE clears this resistance, the real rally may just begin.
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