Will Dogecoin whales spark a DOGE rebound above key resistance?

While on-chain activity shows large investors accumulating during the dip, derivatives data paints a more cautious picture.

The mixed market signals continue to limit Dogecoin’s recovery in the near term.

Whale accumulation, but derivatives data remains mixed

Whales have been accumulating $DOGE as the leading memecoin lost over 7% of its value in the last seven days.

According to Santiment, whales have been actively buying into the recent price correction.

Wallets holding between 10 million and 100 million $DOGE accumulated roughly 500 million tokens since May 17, signaling renewed interest from major players.

However, not all large holders behaved the same way.

Wallets holding 100,000 to 1 million $DOGE and 1 million to 10 million $DOGE collectively reduced their positions by about 330 million tokens during the same period, suggesting partial capitulation among mid-sized whales.

While the on-chain metric paints a bullish picture, retail participation in the market has been poor.

CoinGlass data shows the long-to-short ratio at 0.92, its lowest level in over a month.

A reading below 1 typically indicates bearish sentiment, as more traders are positioning for downside moves.

The futures Open Interest stands at $1.40 billion, down from the $1.62 billion recorded a week ago.

Meanwhile, the funding rate data offers a more optimistic signal. $DOGE’s OI-weighted funding rate turned positive earlier in the week, reaching 0.0082% on Friday, indicating that long positions are now paying shorts.

The mixed derivatives signals and the whale accumulation reflect a market in indecision, limiting strong directional momentum.

$DOGE price outlook: Will the bulls reclaim higher levels?

The $DOGE/USD 4-hour chart is still bearish as Dogecoin is trading below the recent swing high above $0.1122.

Dogecoin has found support at the $0.102 level in recent days, and this could help push its price higher in the near term.

The momentum indicators suggest a fading bearish momentum. The Relative Strength Index (RSI) sits at 50, reflecting directionless momentum.

However, the Moving Average Convergence Divergence (MACD) remains marginally negative, suggesting poor buying interest in the market.

If the bulls regain control, $DOGE would encounter immediate resistance at the $0.112 level.

A daily candle close above this resistance is needed to allow $DOGE to reclaim the 200-day EMA at $0.122 and establish a strong bullish bias.

However, if the sellers continue to dominate, the bulls would be forced to defend the $0.102 support level or lose any chance of a recovery in the near term.

A daily close below $0.102 would allow the bears to push $DOGE lower towards the demand zone at $0.0885.

The market conditions remain fragile at the moment, with no clear directional bias.