Dogecoin Price Prediction: Whale Opens 10x Long as DOGE Holds $0.11

Dogecoin traded near $0.11 on May 16 as traders watched whether bulls could defend a key historical support structure. Market attention also shifted toward a newly created wallet that opened a 10x leveraged long position on 20 million DOGE.

The trade arrived during a broader crypto pullback that triggered hundreds of millions in liquidations across Bitcoin, Ethereum, and major altcoins.

Dogecoin Holds Multi-Cycle Support Zone

Trader Tardigrade highlighted Dogecoin’s weekly chart, showing that DOGE price has returned to a long-term rising support line. The same structure marked earlier cycle bottoms before major rallies. His chart labels previous bottoms near the support line, followed by steep moves toward cycle peaks.

The current setup shows DOGE again sitting close to that historical support area. This does not confirm an immediate rally, but it suggests that buyers are defending a zone that has mattered across past cycles. Moreover, the lower indicator on the chart shows a compression phase similar to earlier bottoming periods.

Dogecoin price currently trades near $0.11, slightly above the broader support region. If this level holds, bulls may attempt to build another recovery phase. However, a breakdown below the rising support line would weaken the long-term setup and delay the bullish case.

Analysts Watch Breakout Toward $0.15

Moreover, BitGuru said DOGE is still in a long consolidation phase after a major liquidity sweep and a downtrend. His chart showed price moving sideways for several months before beginning to curl higher. He now expects a possible breakout toward the $0.13 to $0.15 range if momentum continues.

The chart places immediate resistance near $0.1277, followed by $0.1310, $0.1460, and $0.1507. These levels align with the projected upside path if DOGE breaks above the current consolidation range. A move through this zone would mark a stronger shift in short-term structure.

Meanwhile, CW said DOGE is again trying to break through a sell wall. His 1-hour chart shows price pressing into nearby resistance around $0.110 to $0.111, with heavier sell zones above $0.124 and $0.128. This suggests bulls still need to clear layered resistance before a larger move develops.

On the downside, CW’s chart marks support zones near $0.106, $0.102, and $0.090. These areas could become important if DOGE fails to push through the current sell wall.

New Wallet Opens 10x DOGE Long

Lookonchain data showed that a newly created wallet opened a 10x leveraged long position on 20 million DOGE, valued at about $2.25 million. The trader entered near $0.11335, making it a large directional bet on a Dogecoin rebound.

The position quickly moved into an unrealized loss as DOGE slipped below the entry price. When DOGE traded near $0.11273, the loss stood at around $12,410. At press time, with DOGE near $0.11027, the unrealized loss had widened to about $60,724.

The liquidation price sits at $0.10284. If DOGE falls to that level, the trading platform would automatically close the position. This narrow liquidation gap has fueled debate among traders, as it shows strong conviction but also high risk.

Some Dogecoin supporters viewed the trade as a bullish signal. Others called it a risky leveraged bet, especially since the wallet was newly created and entered during a volatile market.

Liquidations Raise Short-term Risk

The leveraged DOGE position comes during a wider crypto market pullback. Bitcoin, Ethereum, BNB, and XRP all declined over the past 24 hours, while Dogecoin also faced selling pressure before recovering slightly.

The downturn triggered about $575 million in total crypto liquidations. Long positions accounted for roughly $549 million of that figure, indicating that bullish leverage bore the brunt of the damage. Bitcoin and Ethereum traders recorded liquidations totaling about $188 million and $151 million, respectively.

Leveraged positions that were linked to Dogecoin contributed approximately $9.55 million to the total liquidation amount. This is important because DOGE is approaching a significant price zone where technical and leveraged traders are at risk of exposure.