Dogecoin is showing fresh signs of life this week, with large holder activity hinting at a potential shift in momentum.

Dogecoin is showing fresh signs of life this week, with large holder activity hinting at a potential shift in momentum.

Dogecoin price is trading just under $0.26 at the time of writing, down 2.38% over the past 24 hours. The dip comes after a short-term rally and appears to be part of normal price consolidation following recent gains.

Dogecoin price is trading just under $0.26 at the time of writing, down 2.38% over the past 24 hours. The dip comes after a short-term rally and appears to be part of normal price consolidation following recent gains.

Despite the daily drop, DOGE (DOGE) is still up 10.7% over the past week. The price has been pushing higher after breaking out of a long stretch of sideways trading, showing signs of renewed momentum.

Despite the daily drop, DOGE (DOGE) is still up 10.7% over the past week. The price has been pushing higher after breaking out of a long stretch of sideways trading, showing signs of renewed momentum.

Whale activity appears to be playing a big role in pushing Dogecoin price higher. According to on-chain analyst Ali Martinez, large holders recently accumulated more than 30 million DOGE in a single day, signaling increased confidence in the OG memecoin among major investors.

Whale activity appears to be playing a big role in pushing Dogecoin price higher. According to on-chain analyst Ali Martinez, large holders recently accumulated more than 30 million DOGE in a single day, signaling increased confidence in the OG memecoin among major investors.

Beyond whale accumulation, the prospect of a spot DOGE ETF approval is adding fuel to the rally. As previously reported by crypto.news, the SEC is expected to greenlight applications from Bitwise and Grayscale later this month. This builds on the momentum from the September debut of the Rex-Osprey $DOJE ETF, which became the first U.S.-listed Dogecoin futures ETF, drawing institutional attention to the asset.

Beyond whale accumulation, the prospect of a spot DOGE ETF approval is adding fuel to the rally. As previously reported by crypto.news, the SEC is expected to greenlight applications from Bitwise and Grayscale later this month. This builds on the momentum from the September debut of the Rex-Osprey $DOJE ETF, which became the first U.S.-listed Dogecoin futures ETF, drawing institutional attention to the asset.

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The favorable momentum around Uptober is also helping lift sentiment and attract fresh capital flows. According to data from Arkham Intelligence, centralized exchanges have seen a surge in Dogecoin outflows over the past week with nearly $700 million worth of DOGE withdrawn from Binance and Coinbase. 

The favorable momentum around Uptober is also helping lift sentiment and attract fresh capital flows. According to data from Arkham Intelligence, centralized exchanges have seen a surge in Dogecoin outflows over the past week with nearly $700 million worth of DOGE withdrawn from Binance and Coinbase. 

Dogecoin price analysis

Dogecoin price analysis

On the chart, Dogecoin is trading within a rising channel that has been in place since mid-June, marking a clear shift in structure after breaking out of a long-term downtrend. The recent bounce from the lower channel line near $0.24 in late September confirms continued support at that level.

On the chart, Dogecoin is trading within a rising channel that has been in place since mid-June, marking a clear shift in structure after breaking out of a long-term downtrend. The recent bounce from the lower channel line near $0.24 in late September confirms continued support at that level.

The price is now pushing higher inside the channel and is approaching short-term resistance near $0.27. A clean break above this zone could open the path toward $0.30, which lines up with the top of the channel and remains a key target for bulls.

The price is now pushing higher inside the channel and is approaching short-term resistance near $0.27. A clean break above this zone could open the path toward $0.30, which lines up with the top of the channel and remains a key target for bulls.

The Relative Strength Index (RSI) currently sits around 56, suggesting moderate bullish momentum without overbought pressure. This leaves room for further upside if buying volume continues to build. However, if DOGE fails to break above $0.27, it could consolidate again within its current range between $0.24 and $0.26 before making its next move.

The Relative Strength Index (RSI) currently sits around 56, suggesting moderate bullish momentum without overbought pressure. This leaves room for further upside if buying volume continues to build. However, if DOGE fails to break above $0.27, it could consolidate again within its current range between $0.24 and $0.26 before making its next move.

Overall, the current setup leans more bullish and could lead to a breakout if steady accumulation, healthy RSI levels, and bullish sentiment remain.

Overall, the current setup leans more bullish and could lead to a breakout if steady accumulation, healthy RSI levels, and bullish sentiment remain.

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