Dogecoin is trading at $0.1518 after rising 5% in 24 hours, following several weeks of pressure caused by a large redistribution from major whale holders.
On-chain data shows that wallets holding between 10 million and 100 million DOGE reduced their positions by roughly 7 billion tokens over the last month, a move that aligned with the price decline and reflected a lower willingness to maintain exposure in a more volatile market environment. This reduction acted as an early signal of the memecoin’s pullback, as whale selling typically triggers reactions from retail traders and compounds downward momentum.
Technical Outlook for Dogecoin
In recent hours, the 4-hour chart shows a shift in technical tone. Price bounced from a recent support area and posted several consecutive bullish candles, which could anticipate a test of the descending trendline that has defined the market since November. The MACD indicator triggered a bullish crossover, and the histogram turning positive suggests weakening selling pressure. If the recovery holds, DOGE may attempt to reclaim higher levels in the short term.