Meme Coins
Dogecoin Price to Strengthen Amid Whale Support?
Dogecoin gains whale support as whales accumulate 430 million DOGE, while bearish derivative data and weak price action raise downside concerns.
24d ago 4,280
BLOCKINSIDERLoadingDogecoin gains whale support as whales accumulate 430 million DOGE, while bearish derivative data and weak price action raise downside concerns.
Amid the market uncertainty, the world’s largest meme coin, Dogecoin (DOGE), seems to be gaining widespread attention from the crypto whales. Recently, a well-followed crypto analyst shared a post on X revealing that over the past week, large holders have accumulated more than 430 million DOGE.
These mass accumulations by crypto giants hint that these players might be positioning for an upside move.
Not only that, but the analyst also shared a post that, alongside whale activity, a technical indicator called the Tom DeMark (TD) Sequential flashed a buy signal on Dogecoin’s monthly chart, suggesting a potential trend reversal.
However, DOGE price has remained sideways as it prints a 0.11% upside move over the past 24 hours and trades at the $0.070 level. During the same period, its trading volume declined notably by 31.45% to $378.61 million. This fall suggests a lack of interest from investors and traders in the meme coin.
Now, if you look at the derivatives market, it appears that traders have a bearish bias towards the meme coin.
According to CoinGlass, the DOGE long/short ratio plummeted to 0.95, indicating a bearish sentiment among traders. In fact, the OI-weighted funding rate turned negative and reads -0.0032%, indicating sellers' dominance in the market and traders' strong focus on price decline.
At press time, $0.0671 and $0.0714 are the two key levels where traders have shown interest, and they appear to be overleveraged at these levels. Data from the DOGE exchange liquidation map shows that traders at these levels have built $2.71 million worth of long positions and $6.30 million worth of short positions.
These intraday bets suggest that traders have a bearish bias and sellers are dominating the meme coin, while bulls seem to be exhausted.
However, these bets could be liquidated if the DOGE price moves in either direction. As per the data, if the meme coin’s price declines below the $0.0671 level, nearly $2.71 million worth of long positions could be liquidated. Whereas, if the price moves upward, $6.30 million worth of long positions could be liquidated.
According to TradingView’s daily chart, DOGE seems to be hovering in a tight consolidation zone between the lower and upper boundaries of $0.068 and $0.075, respectively, since July 2026. The price is approaching the lower boundary, which currently acts as a key floor for the meme coin.
Based on the current price action, DOGE's short-term bias appears bearish. If the memecoin remains above the $0.068 level, the price could either continue moving sideways or show upward momentum in the coming days. However, an upside rally could only be possible if the DOGE price clears the $0.075 upper boundary.
On the other hand, if sentiment turns negative and the price breaks below the key support at $0.068, it could open the door for a downside move. In this scenario, DOGE may fall 4.40% to the $0.065 level.
At press, the Average Directional Index (ADX) continues to decline and reads 18.46, indicating that DOGE has weaker trend strength. Meanwhile, the meme coin continues to trade below the 200-day Exponential Moving Average (EMA), indicating that broader sentiment remains bearish while sellers remain in control.
While examining all these developments, it appears that crypto whales might be taking the current level as an opportunity, highlighting memecoins’ long-term potential. Meanwhile, traders’ bearish bets hint that they might be following the current market sentiment.
No comments yet
Be the first to share your take when accounts launch.
