Dogecoin (DOGE) is attracting significant accumulation by cryptocurrency whales despite its price trading sideways. On-chain data reveals whales have added over 500 million DOGE since late March. The memecoin’s daily chart shows a Bollinger Band squeeze, a technical pattern often preceding major volatility.
Dogecoin’s price has moved sideways over the past week, trading at $0.091 at press time. Its 24-hour trading volume declined 23% to $543 million, indicating reduced market participation.
A crypto expert noted on X that whales have quietly accumulated over 500 million DOGE since March 31. This accumulation occurred while the price was stuck between $0.087 and $0.101.
The expert further noted the DOGE daily chart is showing a classic Bollinger Band Squeeze. This pattern historically signals that a major volatility spike could be approaching.
Data from CoinGlass reveals key liquidation levels at $0.0895 on the downside and $0.0932 on the upside. At these levels, $11.61 million in long positions and $9.21 million in short positions indicate bulls are currently dominating.
Open Interest has seen a modest 0.75% decline, suggesting reduced trader participation. On the daily chart, DOGE appears to be forming a descending triangle pattern within a narrowing range.
An upside move would require DOGE to close a daily candle above the $0.095 level. Achieving this could trigger a significant 26% price jump in the coming days.
A potential decline is possible if DOGE breaks its key support at $0.08821. If that happens, the price could see a sharp fall toward the next support level at $0.055.
The technical indicator Average Directional Index has fallen to 13.69. This reading, below the key threshold of 25, indicates weak trend strength and a lack of clear directional momentum.
