Dogecoin Consolidates Below $0.26 as Whales Sell $40M, Analysts Eye Breakout Toward $0.35–$0.45
Dogecoin is currently consolidating just under the $0.26 resistance level after an 18% decline from its May 10 peak, according to CoinDesk Research’s technical analysis.
Recent data reveals that whales have offloaded approximately 170 million DOGE tokens, valued at over $40 million, over the past few days. This significant sell-off could be setting the stage for Dogecoin’s next major price move.
Price action shows the formation of a classic bull flag pattern following Dogecoin’s strong rally since early April. Despite the recent pullback, technical indicators suggest this consolidation is healthy and may precede another upward surge.
Analysts forecast a potential breakout within the next week that could propel DOGE prices toward the $0.35 to $0.45 range — implying gains of 52% to 114% from current levels.
Technical Analysis Summary:
- DOGE displayed strong bullish momentum earlier, rising from $0.222 to $0.228 while forming an upward channel supported around $0.218–$0.219.
- Profit-taking pressure emerged near the $0.233–$0.234 resistance zone, despite solid trading volumes.
- A sharp retracement in the final trading hour signaled consolidation ahead, though the trend remains bullish with higher lows continuing to develop.
- Volatility increased as DOGE dropped 2.57% from $0.233 down to $0.227 during correction phases.
- Multiple support tests between $0.227 and $0.228 led to brief periods of sideways movement.
Overall, the current technical setup and whale activity point toward a possible strong breakout in the near term.
