Dogecoin Whales Accumulate as RSI Signals Oversold

| cryptopotato.com
Dogecoin (DOGE) has weakened from its earlier recovery, falling 9% in a week to about $0.08. However, whale accumulation and extremely oversold technical conditions may support a rebound. Large holders bought more than 240 million DOGE, worth nearly $20 million, during the decline. Their holdings have reached almost 19 billion DOGE, or about 12% of circulating supply. Earlier data also showed whales accumulating more than 400 million DOGE over five days. DOGE’s Relative Strength Index (RSI) has fallen to 9, far below the conventional oversold level of 30. Net exchange outflows suggest some investors are moving DOGE into self-custody, potentially reducing immediate selling pressure. Analyst Ali Martinez previously identified support near $0.0813, with potential upside targets of $0.1552 and $0.1774 if that level holds. Trader Tardigrade said DOGE remains within an ascending channel and has bounced from lower trendline support. The analyst cited $0.093 as a potential near-term target, while a breakout above $0.10 could strengthen the recovery case. Other analysts have identified a falling wedge or cup-and-handle pattern and suggested much higher targets, including $0.40 or above $1. These projections are highly speculative. Traders should watch support, resistance, Bitcoin-led market strength and confirmation of a sustained breakout.
Bullish
The news is cautiously bullish for DOGE. In the short term, whale buying, an RSI reading of 9 and continued exchange outflows indicate strong accumulation and extreme selling exhaustion. These conditions can trigger a technical rebound, particularly if DOGE holds the $0.0813 area and breaks above $0.093 or the psychological $0.10 resistance. However, the recent 9% weekly decline shows that sellers remain active, while earlier gains have not yet produced a confirmed trend reversal. DOGE’s high volatility also makes sudden profit-taking likely after an oversold bounce. In the longer term, sustained whale accumulation and reduced exchange liquidity could support prices, but targets such as $0.40 or above $1 remain speculative and require stronger market-wide demand. The overall impact is therefore bullish, but confirmation from price action and broader crypto-market strength is essential.