- Dogecoin price eyes a quick recovery if it overcomes $0.181.
- On-chain data shows massive accumulation from DOGE whales.
- Investors can expect an 80% move in the most-optimistic case.
- A failure to overcome $0.181 could see the dog-themed crypto fall 27% to $0.116 weekly support level.
Dogecoin (DOGE) price has shown no intention to move higher. But during this month-long consolidation the momentum indicator has improved vastly and is in a better to kick-start an upside move. The on-chain metrics support this ascent and suggest something massive could be on the way.
Also read: Dogecoin eyes 10% rally as DOGE bulls show strength
Dogecoin price likely to break out soon
Dogecoin price rallied 160% between February 22 and March 28 and set up a local top at $0.228. From this peak, DOGE crashed 47% and set up a swing low at $0.120 on May 1. After a 33% recovery in five weeks, DOGE currently trades at $0.160 with muted volatility. This sideways movement below the weekly resistance level of $0.181 roughly coincides with the trend-based Fibonacci tool’s 50% level of $0.173, making it a key barrier to overcome.
The Relative Strength Index (RSI) has slowly climbed from close to the oversold level to above the 50 mean level in the past month. This steady ascent denotes a surge in bullish momentum for DOGE.
If Dogecoin price manages to overcome the $0.181 level into a support floor, it would potentially kick-start a rally to the March 28 swing high of $0.229. This move would constitute a 26% gain from $0.181. In a highly bullish case, this meme coin could attempt to overcome the $0.279 and retest the 161.8% trend-based Fibonacci extension level at $0.292.
DOGE/USDT 1-day chart
Judging by Santiment’s Whale Transaction Count (WTC), which tracks transfers worth $100,000 or more, the recent spike suggests that institutional investors are accumulating. If the WTC index spikes after a Dogecoin price rally, then it could be a sell signal, as these whales could be looking to sell. On the contrary, an uptick after a drop indicates willingness to buy the dip and is seen as a buy signal.
DOGE WTC
To confirm this accumulation, Santiment’s Supply Distribution by the balance of addresses metric is used. It can be seen that between May 1 and June 7, addresses holding between 1 million to 10 million DOGE increased their balance by 160 million tokens as their total holdings shot up from 10.20 billion to 10.36 billion. The cohort holding between 10 million to 100 million also grew their stack by 1.03 billion in the same period.
This accumulation suggests that institutional investors are gearing up for something big.
DOGE Supply Distribution
With the recent comeback in meme coins after RoaringKitty’s GameStop investment could be the start of something big, not just for Dogecoin, but the entire meme coin space. Therefore, investors need to keep a close eye on how this narrative unfolds.
Regardless, if Bitcoin (BTC) price crashes suddenly, it could take altcoins down with it. In such a case, Dogecoin price could take an alternative route. In this case, DOGE could crash 27% to $0.116 to collect the sell-side liquidity. If this move is followed by a quick recovery above the aforementioned level, then investors can expect DOGE bulls to give the uptrend another go. But a failure to do so will invalidate the bullish thesis by flipping $0.116 into a resistance level and create a lower low.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

How will BNB price react as Binance and Kraken delist USDT for EU countries?
On Monday, Binance officially discontinued spot trading pairs involving Tether’s USDT in the European Economic Area to align with the European Union’s Markets in Crypto-Assets Regulation.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bears target sub-$80,000 BTC, ETH 2-year lows, XRP yearly bottom
Bitcoin price is hovering around $83,000 on Friday after it failed to close above the $85,000 resistance level earlier this week.

Crypto stablecoin legislation advances, but Democrats say Trump’s USD1 raises red flags
The US Congress began reviewing a Crypto Stablecoin bill on Wednesday. This comes a week after Trump-backed WLFI announced the launch of its USD1 Stablecoin pegged 1:1 to the US dollar.

Solana extends decline amid upcoming $200 million unlocks
Solana declined 3% in Friday's early Asian session, impacted by an upcoming $200 million staked SOL unlock from four whale wallets, according to Arkham Intelligence.

Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.