Dogecoin Whales Stagnate, Signaling a Wait-and-See Approach; What Lies Ahead?

Dogecoin's [DOGE] whale activity stagnated, maintaining a 24.35 billion DOGE average, indicating a lack of significant buying or selling pressure from

Dogecoin’s [DOGE] whale activity remained largely unchanged over the past week, with an average of 24.35 billion DOGE held by the top addresses, as observed by IntoTheBlock. This indicates a lack of significant buying or selling pressure from major holders.

During this period, DOGE’s price experienced slight fluctuations, dipping as low as $0.255 and peaking at around $0.288, according to CoinGecko. This showcases minimal market volatility, with prices remaining within a narrow range.

This flat activity presents different scenarios for DOGE’s future price movements. On one hand, it could be “the calm before the storm,” where whales are silently accumulating before making a more substantial move.

If a buying spree ensues, it could drive DOGE up significantly. However, these large holders could also be maintaining their positions or slowly exiting, possibly anticipating a continued decline.

The lack of aggressive movements by whales could lead to a sudden price change if external market factors come into play or if collective whale actions eventually lean towards either mass buying or selling.

Dogecoin’s 4-hour price chart presents a squeeze within a symmetrical triangle pattern, as highlighted by Trader Tardigrade. This pattern often indicates a consolidation phase preceding a significant price breakout.

The key resistance and support levels are converging, indicating that volatility is likely to increase as the price approaches the apex of the triangle. The RSI supports this view, showing an uptrend within the neutral zone, pointing towards increasing bullish momentum.

Typically, if the RSI continues to rise and remains above the 50 level, it suggests that buying pressure is increasing, potentially leading to a breakout above the triangle.

Additionally, the Price Momentum Oscillator (PMO) indicates increasing bullish momentum, showing a positive slope that suggests the pace of Dogecoin’s price changes is accelerating.

This acceleration, combined with the tightening price pattern like the symmetrical triangle, often precedes upward price movements.

If these bullish signals lead to a breakout above the triangle, Dogecoin could see significant gains, potentially testing higher resistance levels at $0.50, $0.75, and eventually $1.

Conversely, if the momentum falters or the PMO and RSI turn downward, DOGE could break below the triangle, resulting in a sell-off.