Dogecoin is approaching a key support level, could history repeat itself with a 200% surge? On-chain whales have quietly increased their positions!
Currently, the price of Dogecoin (DOGE) is trading around $0.1958, having fallen by up to 17% in the past week, but supporters remain confident. Despite short-term pressure, DOGE is still operating within a long-term upward channel established since 2014, and the price is now near the bottom area of that channel.
Historical resonance: The lower channel boundary has triggered 200%+ rebounds 5 times
This upward channel connects three bear market lows (2015 at $0.0001, 2020 at $0.001, 2022 at $0.05), and strong rebounds occurred each time after hitting the bottom. The current lower boundary support falls within the $0.195 - $0.205 range, combined with the 200-week moving average (currently at $0.203), forms strong technical support.
Data shows: In the past 7 years, this area has triggered 5 rebounds of over 200%. Will history repeat itself? Worth close attention.
Technical structure: Is the descending wedge about to break out?
From the 1-hour chart, DOGE is forming a descending wedge pattern. If bulls regain dominance, the price is expected to break upwards, with a short-term target of $0.265. Key support is at $0.210 - $0.215, while short-term resistance is around $0.230.
On-chain anomaly: Whales are aggressively accumulating, institutions have entered the market
According to Santiment data, in the past three weeks:
The number of 'whale addresses' holding 10 million to 100 million DOGE has increased by 21, collectively adding over 310 million DOGE (approximately $62 million);
The proportion of over-the-counter (OTC) trading has surged to 37% of the total trading volume, reaching a year-to-date high;
Hong Kong asset management firm Bit Origin has allocated 8% (approximately 40 million DOGE) of its $500 million investment to DOGE. CEO Wu Jie publicly stated: "DOGE, as a community consensus asset, is transforming into a new generation of value storage medium."
Catalytic factors: Multiple positive factors are gaining momentum
Musk hints: The X platform (formerly Twitter) may integrate DOGE payments;
Options market anomaly: On the Deribit platform, the open interest of $0.25 call options increased by over 280% week-on-week;
Meme rotation logic: After the heat of Solana chain recedes, funds are expected to flow back to leading meme coins.
Strategy reference
Staged layout range: $0.195 ~ $0.205
Stop-loss reference: Below $0.185
Buy point after breakthrough confirmation: Solidly stand above $0.230
Target price: $0.265 → $0.30
