Dogecoin whales accumulate 600 million DOGE as price defends $0.08

Technical Breakout Falters at Resistance

DOGE has succeeded in breaking above a long-standing descending trendline that had suppressed the price since its 2024 peak. Nevertheless, this technical breakout has yielded limited follow-through, with the token still held within a broad accumulation range between $0.07 and $0.10. Efforts to move definitively past this upper threshold have yet to materialize.

The scenario suggests that buyers have managed to defend the lower end of the channel but have not established enough strength to propel DOGE above resistance. A convincing move above $0.10 would be the next significant confirmation for sustained upward momentum.

Should DOGE secure a close above the accumulation zone, the path toward $0.11985 could open up. Only a firm breakout beyond this level would cement a larger recovery toward $0.30603. Until then, price action remains indecisive, and the bulls’ ability to shield the base at $0.07-$0.08 remains crucial.

Dogecoin’s current breakout has not yet sparked strong momentum, with price staying within the accumulation band despite buyers absorbing pressure near support.

Large Holders Increase Exposure

Data from Santiment, highlighted by analyst Ali Charts, indicates that Dogecoin whales—wallets holding substantial amounts—purchased approximately 600 million DOGE between October 12 and October 16. Their balances climbed from about 55.60 billion to 56.21 billion DOGE during this period, while the token traded near the $0.08 mark.

This accumulation suggests growing confidence among larger holders at current price levels. Instead of reacting to surges, whales have added to their positions during weakness, potentially lending additional support to the consolidation zone. If buying persists at these levels, the prospects for a new push toward $0.09-$0.10 could strengthen.

However, spot market flows present a contrasting narrative. Data shared by analyst CW8900 revealed net outflows of $58.73 million in a 24-hour span. Weekly outflows reached $92.24 million, and the 30-day cumulative figure stood at $208.56 million, indicating that broader selling pressure continues to weigh on price.

The split between rising whale demand and ongoing spot outflows highlights the uncertain state of play for DOGE. While major holders appear to be accumulating, continued net outflows could undermine price stability if not reversed.

Downside Risks and Liquidity Outlook

If Dogecoin fails to maintain the current $0.078-$0.08 support zone, a notable downside risk emerges. Analysis of the liquidation heatmap by CAGThe3rd shows a concentration of liquidity at the lower $0.066-$0.068 region, which may become a target if sellers continue to exert pressure.

Market dynamics often push price toward areas with dense liquidity, especially when nearby support weakens. If outflows persist and DOGE loses the accumulation zone, a decline toward $0.066 would become increasingly likely.

Above current prices, liquidity is also identified in the $0.093-$0.10 band. The risk of a downward move will decrease if DOGE can reclaim $0.084-$0.09 and rebuild positive momentum in the short term.

Short to Medium-Term Recovery Signals

Despite heavy selling, recent signals from the momentum indicator RSI provide a glimmer of optimism for bulls. Analyst Sweep’s research points to a bullish divergence: although price has been forming lower lows, RSI has begun to register higher lows. Such divergence is often interpreted as a precursor to improving momentum, particularly when paired with support from large buyers.

A decisive rebound through $0.084-$0.086 would be the first confirmation that bullish sentiment is returning. If DOGE manages to move above $0.09-$0.093, confidence in a broader recovery would increase, with $0.10 as the major short-term resistance now in focus.

If these bullish signals fail to translate into higher prices and support at $0.078 is lost, the downside risk towards $0.066 becomes more pronounced. For the time being, the tug-of-war between accumulating whales and ongoing spot outflows will likely dictate the direction of the next major move for DOGE.

Mini dictionary: Santiment is an on-chain analytics platform used to track cryptocurrency project data, including holder distribution, trading volumes, and market sentiment trends.

Key Levels to Watch for Q4 2026

Dogecoin’s price action in the fourth quarter will depend heavily on its ability to defend support at $0.078-$0.08. If this base holds, targets at $0.10-$0.11985 remain in view for any attempted recovery. Stronger gains could open the $0.25 level, while a sustained shift in momentum might eventually make $0.40 a feasible long-term objective. For now, price remains slightly above critical support, as bulls and bears prepare for the next move.

If DOGE holds the $0.078-$0.08 support, resistance at $0.10 and $0.11985 could be challenged in the coming weeks. A decisive move above these levels would signal the start of a deeper recovery.