Dogecoin Forms Falling Wedge as Whales Accumulate Over 100M DOGE

Dogecoin (DOGE) displays a falling wedge pattern on the 4-hour chart, a technical formation often preceding significant price increases. The stochastic RSI indicator shows oversold conditions, suggesting weakening selling pressure.

A break above the $0.17 support level, and particularly a breakout beyond $0.20, could propel DOGE towards a target zone around $0.225.

Falling Wedge Formation on the 4-Hour Chart

BitGuru on X noted that DOGE is holding above $0.17 after a bounce from $0.13009. The formation of a cup-and-handle pattern, coupled with the falling wedge on the 4-hour chart, suggests potential upward momentum. This pattern mirrors previous price increases.
Source: BitGuru (X)

The stochastic RSI entering oversold territory indicates diminishing selling pressure. A breach of the wedge's upper trendline would confirm the end of the short-term downtrend. Analysts also highlight a breakout near $0.172 from a descending channel, further supporting a potential recovery.

Whale Accumulation and Resistance Levels

Ali Martinez on X reported that wallets holding 10 million to 100 million DOGE accumulated over 100 million tokens in a single week. This accumulation, shifting tokens to long-term wallets and reducing exchange supply, could alleviate selling pressure and fuel a price increase.
Source: Ali Martinez (X)

Andrew Griffiths observed a rounded base forming between $0.14 and $0.19. He anticipates that a sustained price above $0.17, followed by a break above $0.20, could lead to a target of $0.225. This potential breakout zone offers a projected upside of 25%–40%.

The current technical setup and price action strongly resemble the conditions preceding Dogecoin's last rally. The combination of oversold conditions, increased whale accumulation, and the falling wedge pattern suggests a potential catalyst for further price growth.