Dogecoin is showing signs of accumulation despite a 1.71% decline.
Technical wedge pattern, rising volume, and whale activity favor a bullish reversal.
Key breakout point: $0.1690; Key support: $0.1500.
Dogecoin (DOGE), the original meme coin and a market sentiment barometer, is currently trading at $0.1544, down 1.71% over the past 24 hours. Despite this dip, DOGE continues to hold key support levels, showing relative strength compared to other altcoins during this market-wide cooldown. Technical indicators and whale activity suggest that Dogecoin may be setting up for a potential reversal, with growing signs of accumulation in both the spot and derivatives markets.
While the asset remains within a falling wedge pattern, the current structure could favor bulls if momentum shifts in the coming sessions.
Despite a multi-week downtrend, DOGE has held above the $0.13 psychological support, a level tested in previous cycles. In the last 24 hours alone:
Spot trading volume surged by 47.47% to $5.13 billion, suggesting renewed interest from retail and institutional participants.
Open interest rose 3.39% to $1.74 billion, pointing to fresh capital flowing into DOGE futures markets.
Options volume increased by 32.86%, while options open interest climbed 1.90%, indicating growing demand for leveraged exposure to DOGE price moves.
Together, these data points signal growing speculation around a price bottom.
Dogecoin is currently trading inside a falling wedge pattern, typically a bullish reversal formation. The price has made multiple attempts to break below the $0.15 support but continues to bounce back with buying pressure. This suggests strong accumulation near the lower bound of the channel.
The pattern formed after a significant rejection at $0.246 in May. From a Fibonacci perspective, DOGE is currently hovering between the 0.236 Fib retracement ($0.2018) and the 0.0 level ($0.1299), indicating an oversold condition.
The 50-day EMA has crossed below the 200-day EMA (a death cross), but the current consolidation at support suggests the market is digesting the previous downtrend.
If DOGE closes above $0.1690 (horizontal resistance and former support), the next key targets include $0.1749 and $0.2018.
RSI currently stands at 30.10, reflecting near-oversold conditions. A break above the 40 - 45 RSI range could confirm a bullish shift in momentum.
Also Read: Dogecoin Hits ‘Alarm Zone’: Is a Big Price Shift on the Way?
According to the latest data from CoinGlass, the Dogecoin derivatives market is leaning bullish, with some signs of volatility.
The 24-hour Long/Short Ratio stands at 0.9585, indicating an almost balanced sentiment overall, although it suggests a slight bearish tilt in the broader market.
Liquidation data over the last 24 hours further confirms this bias. A total of $11.13 million in liquidations occurred, with $7.82 million from long positions and $3.30 million from short positions.
While long liquidations outpaced shorts, the relatively lower short-side losses suggest many bears are being cautious or getting squeezed amid a broader bullish buildup.
Dogecoin’s OI-weighted funding rate has dipped slightly below zero, indicating a brief shift toward short positions. However, over the past two weeks, the rate consistently stayed positive, often above 0.005%, signaling strong bullish sentiment among leveraged traders.
This minor dip may reflect short-term profit-taking, but overall, funding data still leans bullish for DOGE.
According to IntoTheBlock data, whale addresses (holding 1 million - 10 million DOGE) have increased holdings by over 120 million DOGE over the past 7 days. This is a notable uptick compared to the consistent distribution observed throughout late May.
Additionally, on-chain monitoring platform Lookonchain reported that a single wallet transferred 94.3 million DOGE ($14.5M) from Binance to an unknown wallet on June 21, 2025. Such large outflows to cold storage typically signal accumulation by sophisticated players anticipating a reversal in the market.
Another interesting development is that Dogecoin’s large transaction count (exceeding $ 100,000 per transaction) has increased by 19.4% this week, according to Santiment. This is often interpreted as institutional or whale-level interest increasing around a potential low.
Also Read: Dogecoin Makes a Big Move: Will the Next Impulse Push It Past $1?
Whale tracking data indicates increased wallet accumulation below $0.16, with multiple wallets transferring DOGE off exchanges. Historically, such behavior aligns with the formation of a bottom or anticipation of major news.
Moreover, DOGE remains heavily integrated into social media trends, with Elon Musk’s recent tweet again mentioning "Doge payments for X Premium". Although speculative, such mentions often trigger social-driven rallies.
1. A technical breakout from the falling wedge would be a major bullish signal, especially if accompanied by volume.
2. A favorable macro trend, such as Bitcoin reclaiming $110K, could reignite meme coin speculation.
3. DOGE integration into payment services or tipping platforms, particularly in relation to X, could boost demand.
Bullish Scenario: A breakout above $0.1690 and subsequent flip of $0.1749 could open a path to $0.2018 and $0.246.
Bearish Scenario: A drop below $0.1500 could send DOGE to test the $0.1350 level, which is the next strong support.
Neutral View: Continued consolidation inside the wedge with support around $0.15 and resistance near $0.17 until a breakout materializes.
Dogecoin may be trading below its peak, but both its technical and derivative setups suggest a bottoming phase is underway. With rising spot volume, improving long/short ratios, and a narrowing wedge pattern, DOGE appears primed for a breakout, provided broader market sentiment stabilizes. For traders and investors, monitoring the $0.1690 resistance and the $0.1500 support zone will be key.
A decisive move outside this range, especially with a volume spike, could mark the start of DOGE’s next directional trend. Dogecoin’s mix of community strength, whale positioning, and technical setup offers a compelling risk-reward profile for those eyeing a rebound in the meme coin sector.