Dogecoin (DOGE) Whales Scoop 297M Tokens: Is a Major Price Shift Coming Next?

Dogecoin (DOGE) is trading near $0.1436 after a narrow consolidation phase. The price movement remains tight while traders monitor a clear inverse head and shoulders pattern on the daily chart. DOGE maintains weekly gains despite reduced trading volume and mild intraday pressure across the broader market.

DOGE has dropped 1.88% in the last 24 hours. Trading volume has declined by 8.21% and is at $1.78 billion. The weekly growth of 2.22% indicates that buyers maintain interest despite temporary withdrawals.

Source: CoinMarketCap

DOGE Forms Inverse Head and Shoulders Pattern

Crypto analyst Ali Martinez highlighted that DOGE is developing a classic inverse head and shoulders structure. He pointed out that the neckline is at around $0.152. This level has been one of the barriers in past efforts. An established break can enable the price to move to the $0.186 level.

The neckline is the most important level in the short run. The token has successfully tested it several times. Market participants continue to follow volume and momentum. The arrangement is active as long as the pattern retains positions above its structural lows.

Source: X

Moreover, another analyst, Investment CEO, mentioned a powerful accumulation by whales in the past 24 hours. During this period, the large holders acquired more than 297 million DOGE. Traders have taken interest in the purchasing activity. It is an indication of the involvement of high-value investors.

Also Read: Dogecoin (DOGE) Eyes Ecosystem Expansion in Japan With Focus on RWAs and Regulated Web3

He also pointed out that the purchase came at a time when the price movement was subdued. Such timing has drawn traders on the lookout for any indication of accumulations. Large investors view the magnitude of the buying as a strategic position. Players in the market are still watching this activity as any indication of future changes in demand.

RSI and MACD Reflect Stabilizing Momentum

The RSI shows equalized momentum on a daily basis. RSI is 54.28, and the signal line is 56.94. The readings reveal neutral conditions. They also show that memecoins can have movement without visiting extreme areas.

MACD has a positive trend regarding strengthening. The MACD line stands at 0.00084, whilst the signal line stands at 0.00155. The histogram represents 0.00239. Such levels reveal a gradual shift to the positive momentum.

Source: TradingView

Open Interest and Trading Volume Declines

CoinGlass data shows that the trading volume decreased by 11.44% to $3.49B. The open interest is declining by 2.33% to $1.83 billion. The token OI-Weighted funding rate is stable and is 0.0004%.

Source: CoinGlass

Cryptocurrency is now nearly approaching a decisive price zone. The market players are anticipating a rise in the neckline. The next trend is momentum, volume, and continuation of the occurrence of previous technical signals.

Also Read: Ethereum (ETH) Poised for $4K+ Rally as Whale Activity and RWA Adoption Surge