Whales accumulated 470 million Dogecoin [DOGE] tokens between March 18-21, 2026, as the meme-based cryptocurrency’s price declined amid broader market weakness linked to the ongoing West Asia crisis. Despite bearish sentiment in derivatives markets, technical analysis suggests DOGE is trading near a key historical support level within a parallel channel, indicating a potential upward move.
The popular meme-based cryptocurrency Dogecoin [DOGE] has garnered attention from market participants amid the ongoing West Asia crisis. The impact is evident across broader financial markets, which have experienced a significant downturn.
As of press time, DOGE declined by over 1.25% in 24 hours and was trading at $0.090. Over the past month, the memecoin has fallen by nearly 10%.
Despite the continued price decline, whales are heavily accumulating amid the market dip. Reported data revealed that large holders purchased 470 million DOGE tokens. The report further noted that DOGE could potentially reach the $0.15 level in the coming days.
According to the derivatives analytics tool CoinGlass, DOGE’s short-term market sentiment is mildly bearish. Data showed that intraday traders were heavily tilted toward short-leveraged positions rather than long ones.
Currently, $0.0892 on the downside and $0.0928 on the upside are two major levels where traders are overleveraged. At these levels, $4.13 million in long positions and $12.37 million in short positions have built up.
This bearish outlook is further demonstrated by the Long/Short Ratio, which was at 0.9504. Short positions slightly outweighed long positions, reflecting cautious sentiment.
Dogecoin’s four-hour chart shows the memecoin continues to trade within a prolonged parallel channel pattern. It has traded between $0.088 and $0.10383 since late February 2026.
This is not the first time DOGE has reached the current level. The price has touched this zone multiple times, each time recording a strong reversal with an upward move.
Based on the current price action, if DOGE remains above $0.0882, it may repeat its historical pattern. A downside move is only likely if DOGE fails to hold its key support at $0.088.
At press time, the Average Directional Index (ADX) reached 39.47. This is well above the key threshold of 25, indicating a strong trend in the market.
