- Dogecoin has formed a bullish falling wedge on the 4-hour chart, with oversold stochastic indicators signaling a potential breakout ahead.
- Whale accumulation surges as major holders add over 2.3 billion DOGE in recent weeks, hinting at bullish expectations.
- DOGE trades at $0.1725, down 2.29% daily, yet up over 201,000% from its all-time low, maintaining strong long-term gains.
Dogecoin (DOGE) is once again capturing traders’ attention as the meme coin forms a falling wedge pattern on the 4-hour chart, a setup historically associated with bullish reversals. According to the chart analysis shared by crypto analyst Trader Tardigrade, this technical structure is strikingly similar to the one that preceded Dogecoin’s last significant upward breakout.
Two are shown on the chart, with the first from mid April and latest from early May. DOGE consolidated in a downward sloping wedge before it broke out to the upside both times. This confirmed the type of pattern as bullish, followed by a strong rally after the earlier breakout.
Dogecoin is approaching the bottom of the second falling wedge as of now. The price action has continued to tightly converge within trendlines, but as price swings lower and lower, the potential breakout point from the converging trendlines may soon be realized in the coming sessions.
To bolster the bullish prognosis, at the foot of the chart, the Stochastic Oscillator determines that DOGE is entering oversold which is in fact marked out by a green dot and labeled ‘Oversold.’ This momentum indicator is one used to find potential reversal points in momentum and it has mimicked conditions during the previous breakout. At that time there was a sharp rally after oversold crossover following a huge increase in buying pressure.
As the wedge approaches its conclusion there is an aligned oversold stochastic signal which could indicate that the Dogecoin may be about to launch into a breakout, perhaps clearing the previous resistance zones around $0.20 and above.
Dogecoin Price Stalls Despite Whale Accumulation Surge
In the latest on-chain data indicating accumulation by significant whales, Dogecoin has seen its price stay largely confined within recent weeks. According to Santiment, big investors are buying up the popular meme coin on a large scale. Between 10.3 and 10.5 billion DOGE has been deposited in wallets one million to 10 million in size; this is 200 million DOGE total. Over the same period, even bigger holders with 100 million to 1 billion DOGE have increased their shares from 23.4 billion to 25.52 billion in parallel.
The accumulation on the part of whales is being interpreted as a bullish signal by many during a phase of the overall bearish market. The accumulation of this scale often leads to price momentum and occurs from expectations of future catalysts.
Speculation on the potential spot Dogecoin ETF seems to be at least one of the main driving factors of this buying behavior. The odds are fresh from market participants that the U.S. Securities and Exchange Commission (SEC) will approve such an ETF. The working is based on the fact that Dogecoin is a proof of work cryptocurrency, which distanced it from the regulatory scrutiny which tends to be reserved for assets that can be considered as securities.
As of May 4, 2025, Dogecoin is trading at $0.1725, reflecting a 2.29% decline over the past 24 hours. It ranks at position 8th on CoinMarketCap with a market capitalization of about $25.72 billion. With a 9.34%, the 24-hour trading volume is $574.39 million. Due to the inflationary nature of DOGE, it has a maximum circulating supply of 149.12 billion coins without a hard limit in terms of maximum supply. May 8, 2021, was the coin’s all-time high at $0.7376. Down 76.61% from that high. On the flip side, the all-time low was $0.00008547 on May 7, 2015, and if that is compared with the current price, it is a 201,753.53% increase.
