Whales add Dogecoin (DOGE), But traders eye 17% price crash

Key Takeaways

Why is Dogecoin’s price action currently in an uptrend despite a recent decline?

Whales and short-term holders are accumulating DOGE, indicating strong market interest, but the price faces resistance at higher levels.

What are the key price levels that traders are monitoring for DOGE?

Traders are watching the $0.2698 support and $0.2914 resistance levels, with over-leveraged short positions dominating the market.

Despite the price decline, whale and investor interest in Dogecoin [DOGE] has skyrocketed, suggesting that a potential recovery is on the horizon.

A prominent crypto analyst shared on-chain Santiment data revealing that whales holding 1 million to 10 million DOGE have accumulated 158 million coins.

DOGE accumulation soars, impact on price 

In addition, short-term holders (STHs) have begun accumulating DOGE, according to insights from crypto analytics platform Alphractal.

In a post on X (formerly Twitter), the platform noted that historically, when STHs’ accumulation of DOGE soars, a strong bull market has been recorded in the past.

Source: X/Alphractal

A similar pattern has emerged, prompting speculation about whether DOGE is gearing up for a major price surge or if the ongoing correction will deepen.

At press time, DOGE was trading around $0.2756, reflecting a 1.65% decline over the past 24 hours. 

Notably, trader and investor activity during this drop was lower compared to the previous day.

According to CoinMarketCap, DOGE’s 24-hour trading volume fell by 32%, indicating that market participants may be less inclined to drive the price further down.

Dogecoin price action and technical analysis 

According to AMBCrypto’s technical analysis, DOGE appears to be in an uptrend, but on the daily chart, it seems to be hovering within an ascending channel pattern between the upper and lower boundaries.

Source: TradingView

DOGE’s recent price uptick pushed it toward the upper boundary of its trading range, where it has started to form a bearish candlestick pattern—a potential signal of an impending reversal.

Since May 2025, the memecoin has tested this upper boundary twice, and both times it experienced significant downward momentum shortly after.

Given the current price action, if the correction continues, there’s a strong chance that history could repeat itself. DOGE may face a 17% decline, potentially dropping to around $0.227 in the near future.

At press time, Bollinger Bands were widening, and DOGE was forming a bearish candlestick near the upper band, reinforcing the likelihood of a short-term pullback.

Meanwhile, the Average Directional Index (ADX) has climbed to 31, suggesting that bearish trend momentum is strengthening across the market.

Traders’ eyes on the short positions 

Given the current market sentiment, it appears that traders are closely monitoring the trend.

Coinglass data reveals that DOGE’s major liquidation levels stand at $0.2698 on the lower side and $0.2914 on the upper side.

Source: CoinGlass

At these levels, traders are also over-leveraged, with $41.48 million worth of long positions and $124.30 million worth of short positions.

This suggests that sellers are currently dominating the memecoin, with a strong belief that DOGE won’t cross the $0.2914 level anytime soon.