Dogecoin (DOGE) slipped slightly on Friday, trading below the $0.070 mark after opening the session with modest gains. The early uptick hints at possible stabilization, yet the meme coin remains entrenched in a broader downtrend, sitting roughly 12% below its July high of $0.079.
Despite the lackluster price action, large holders are quietly accumulating. Wallets holding between 10 million and 100 million DOGE now control more than 12.18% of the circulating supply, according to Santiment data. That figure is up from 11.86% just last Saturday, marking a 0.32-percentage-point increase in just a few days.
Whale accumulation can reduce the float available for trading and help absorb selling pressure from smaller investors. If the trend persists, it could lay the groundwork for a more sustained recovery. However, increased concentration among large holders also carries risks, as a few sizable transactions can trigger outsized price swings.
Meanwhile, retail and speculative interest remains muted. Dogecoin futures open interest has dipped 1.2% over the past 24 hours to $1.19 billion, while trading volume has tumbled 46% in the same period. Open interest measures the total value of outstanding derivatives contracts; the decline suggests traders are trimming exposure in line with the current price action, though the relatively small drop indicates limited position closures rather than a broad exodus.
If open interest were to rise alongside price, it would signal that traders are opening new positions in anticipation of further gains. Conversely, high derivatives exposure can amplify liquidation risks if DOGE makes a sudden move in either direction.
Technical hurdles above $0.070
DOGE is hovering near $0.070, just below a dense cluster of resistance levels that preserves the bearish bias. The price sits near the middle Bollinger Band at $0.070; holding above this level could help DOGE build momentum toward the upper band.
The Relative Strength Index (RSI) stands near 49, slightly below the neutral 50 mark, indicating that bearish momentum is easing but buyers have yet to take control. The Moving Average Convergence Divergence (MACD) is flashing modestly positive signals, pointing to improving momentum, though it does not yet confirm a reversal of the wider downtrend.
Immediate resistance is at the middle Bollinger Band around $0.070, followed by the upper band near $0.072. A daily close above $0.072 could open the door to the 50-day exponential moving average (EMA) at $0.074. Clearing that level would be a more convincing sign of short-term strength.
The next significant barrier is the 100-day EMA at $0.081, close to the broader $0.080 resistance zone. A breakout above that could extend the recovery toward the 200-day EMA at $0.096 and the psychological $0.100 level.
On the downside, the lower Bollinger Band at $0.068 provides the first meaningful support. A daily close below that would invalidate the early recovery attempt and could trigger renewed selling pressure. For now, holding the $0.070 area is crucial to keeping the possibility of an upside breakout alive.
Whale accumulation has been a recurring theme across the crypto market. For instance, Ethereum whales have also been accumulating despite price stagnation, and XRP has seen similar whale interest while technicals remain bearish. Dogecoin's situation mirrors these patterns, with large holders stepping in even as retail enthusiasm wanes.
This article is for informational purposes only and does not constitute financial advice.
