DOGE Holds Bullish Structure as Whales Shed $40M Ahead of Possible Breakout

Dogecoin has entered a critical consolidation phase below $0.26 resistance after experiencing an 18% drop since its May 10th local high, according to CoinDesk Research's technical analysis data model.

Recent whale activity shows 170 million tokens worth over $40 million were shed in the past few days, potentially setting up for the next major breakout.

Dogecoin's recent price action shows a clear bull flag pattern forming after its impressive rally that began in early April.

Despite the current pullback, technical indicators suggest this could be a healthy consolidation before another leg up.

Analysts point to a potential breakout within the next 7 days that could push DOGE toward $0.35-$0.45, representing a potential 52-114% gain from current levels.

Technical Analysis Highlights

• DOGE exhibited strong bullish momentum, climbing from $0.222 to $0.228, forming an upward channel with significant support at $0.218-0.219.
• A key resistance zone emerged at $0.233-0.234, where profit-taking occurred despite strong volume.
• The final hour's sharp pullback from the day's high suggests potential consolidation ahead, though the underlying momentum remains positive with higher lows established throughout the period.
• DOGE experienced significant volatility with a sharp downward correction, falling from $0.233 to $0.227, representing a 2.57% decline.
• Multiple attempts to establish support occurred between $0.227-$0.228, with brief consolidation periods.

External References

• "Dogecoin Price Prediction: One Break Above $0.230 Could Unleash a Full-Blown Meme Rally", cryptonews, published May 18, 2025.
• "Dogecoin Momentum Fades – Analyst Expects $0.213 Retest", NewsBTC, published May 21, 2025.
• "Dogecoin Chart Too Good To Ignore, Says Trader Eyeing Double", NewsBTC, published May 21, 2025.