Dogecoin Price Prediction: Whale Selling Nears End as DOGE Hits Reversal

Dogecoin price stabilizes after weeks of downward pressure as the new technical indicators reflect a possible reversal. The long-term structural support and cooling of the whale activity have been pointed out by analysts, who indicate that DOGE might be nearing the point of inflection. Also, the introduction of Grayscale’s new DOGE ETF, which will start trading today, will introduce a layer of institutional exposure.

Dogecoin Price Approaches Macro Support

Dogecoin price movement on the monthly chart indicates that the asset is retesting a 10-year rising trend, which brought bullish reversals in the past. Analyst Trader Tardigrade noted that DOGE has reached another one-off opportunity matching the pre-2017 and 2020 rallies set-up.

Both retests have produced expansions of multiple months, such as the 2021 breakout that took DOGE price to its all-time high.

The analyst highlighted that the token has developed a series of higher lows despite volatility, which depicts structural strength. Buyers’ response is seen in recent months through long candle wicks near the oversold zones, with the price close to the trendline.

Should DOGE reclaim this support convincingly, it could signify that a cyclical bottom has been reached, and the upward move will be reinstated. The chart showed that this level consistently marked DOGE’s accumulation phases before a trend reversal.

DOGE Price Channel Structure Holds

Meanwhile, according to analyst Cryptollica, Dogecoin price is moving within a multi-year rising channel that has governed its long-term trajectory. DOGE recently dipped below the 100-week moving average, which has acted as a momentum gauge in past cycles.

According to the analyst, strong recoveries have historically been triggered by regaining this level. Conversely, losing it often led to deeper pullbacks toward the channel’s lower boundary.

Moreover, the channel midline has remained as macro resistance between the price ranges of $0.26 and $0.36, with repeated rejections of DOGE at several testing points. The support zones at $0.22, $0.12, and $0.09 are critical as the price moves towards the lower-channel values, which have been profitable in the past for long-term entry investors.

The analyst added that the trend is not broken as long as Dogecoin price remains in the channel, with a recovery above the 2-year moving average as the first bullish confirmation.

Whale Selling Pressure Begins to Ease

According to on-chain data shared by analyst Ali, the price of Dogecoin has been moving in line with the behavior of wallets holding 10 million to 100 million DOGE. These holders have sold more than 7 billion coins in the last month, directly causing the current downward trend that has taken the meme coin out of the range of $0.22 down to its current level of $0.14.

The accelerated phases of sell-off corresponded to an abrupt price decrease, which shows that the pressure was created by the supply.

However, the analyst highlighted that the movement of whales seems to be decelerating, with the reduction in the number of holdings starting to level off as DOGE approaches $0.143. This zone coincides with the past accumulation levels, indicating that selling is minimized.

Historically, DOGE rebounded after outflows of whales slowed down, making the current stabilization a significant zone. If such large holders move to accumulation from distribution, the market would be biased towards a short-term recovery.

ETF Launch Adds Market Attention

Additionally, Dogecoin gains other institutional access and visibility with the launch of Grayscale’s new DOGE ETF, which is currently trading.

Analysts consider this a boosting element that will help to increase the demand if risk appetite recovers. At the time of writing, Dogecoin is trading at around $0.14.