Dogecoin Price Prediction: DOGE reclaims $0.07 support as whales step in
- Dogecoin gains momentum above $0.070, raising recovery odds.
- Whales holding between 10 million and 100 million DOGE ramp up their accumulation, accounting for 12% of the circulating supply.
- Dogecoin’s breakout momentum may stall as long as the moving average resistance cluster remains unbroken.
Dogecoin (DOGE) edges above the daily open, trading above $0.070 as of Thursday. While this uptick offers a positive signal, DOGE continues to trade within a broader bearish context, down approximately 12% from its July peak of $0.079.
Still, should the $0.070 support level hold, the mild recovery could gather pace, targeting resistance at $0.080 and potentially the key $0.100 threshold.
Dogecoin whales accumulate despite lackluster price action
Whales are showing interest in the largest meme coin, with wallets holding between 10 million and 100 million DOGE now accounting for over 12.18% of the total circulating supply as of Wednesday, up from 11.86% last Saturday.
This increase in demand is unfolding against a backdrop of broader market stagnation and recent weakness in Dogecoin’s price. If accumulation persists, whale activity could help absorb selling pressure and support a sustained uptrend.
Meanwhile, retail demand remains relatively elevated, as reflected in perpetual futures Open Interest (OI), which averages 17 billion DOGE on Thursday, down only marginally from 17.23 billion DOGE the day before.
The token’s trading volume has increased to $1.18 billion, nearly doubling the $689 million recorded on Tuesday. Increasing OI alongside the volume reinforces Dogecoin’s short-term outlook, supported by risk-on sentiment.
Technical Analysis: Dogecoin eyes breakout above key support
Dogecoin trades above $0.070, but remains under a dense confluence of moving averages, keeping the near-term bias bearish despite the recent stabilization. The spot price remains anchored just below the Bollinger Bands’ midline at $0.070. The Relative Strength Index (RSI) hovers around 47, and the Moving Average Convergence Divergence (MACD) is printing modestly positive signals, indicating a gradual uptick in momentum that still falls short of reversing the broader structural downtrend.
Initial resistance is seen at the Bollinger Bands’ middle layer at $0.070, followed by the upper boundary near $0.072, where short-term rallies could stall. Above that, the 50-day EMA at $0.074 forms the next cap, with more substantial barriers emerging at the 100-day EMA at $0.081 and the 200-day EMA at $0.096. On the downside, the lower Bollinger Band at $0.068 offers the first meaningful support area. A daily close below this level would open the door to renewed selling pressure and a potential extension of the bearish phase.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
