Dogecoin Plunges 8% — But Whales Are Loading Up to a Record 24.98 Billion DOGE! Is a Massive Rally Coming?
Jakarta, Pintu News – As reported by Coingape, Dogecoin has formed a rounding bottom chart pattern, which is usually a strong signal of a bullish trend reversal.
At the time of writing, the Dogecoin price stands at $0.1728, having fallen by 8% in the last 24 hours in line with the general market weakness on June 13.
Dogecoin price drops 8.65% in 24 hours
On June 13, 2025, the price of Dogecoin recorded a decline of 8.65% within 24 hours, trading at $0.1728 or the equivalent of Rp2,831. DOGE had its highest level at Rp3,111 and its lowest level at Rp2,777.
At the time of writing, Dogecoin’s market cap stands at around $26 billion, with trading volume rising 12% to $1.8 billion within 24 hours.
Dogecoin Price Analysis as a Bullish Pattern Begins to Form
Dogecoin price has formed a rounding bottom pattern on the weekly chart. This pattern is a trend reversal signal indicating that the price movement is likely to switch to an uptrend(bullish).
Based on the chart, this pattern has been forming since December 2024. If this pattern is successfully confirmed and the price of DOGE is able to break theneckline resistance level, then the next increase has the potential to push the price beyond $0.23, and could even jump to $0.44 – equivalent to an increase of about 84%.
The chances of a Dogecoin price rally also increased after the Money Flow Index (MFI) crossed the 50 level. This crossover indicates a positive change in capital flow into the asset, as the volume of purchases increases.
If the MFI continues to hold above 50 and Dogecoin starts printing higher highs, then this would be an accumulation signal in favor of a potential bullish breakout.
The MFI crossover above the 50 level occurred before the price of DOGE actually broke the neckline resistance of the rounding bottom pattern, which reinforced the potential for a breakout towards higher price levels.
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However, the ADX (Average Directional Index) line is starting to point downwards, indicating a weakening of the uptrend strength towards resistance. This could cause Dogecoin’s price movement to go flat or sideways, especially if the MFI is again rejected at the 50 level – as it did on May 12.
Key DOGE Levels to Watch Out For
The most crucial resistance level to watch as the Dogecoin price targets a potential 84% rally is the neckline level at $0.23. This level will be a key determinant of whether the price is able to continue its rise to 84%.
In addition, the area between $0.31 to $0.35 is also an important zone. Based on historical data, traders tend to take profits in this zone in early January, so this area forms significant resistance.
As such, even though Dogecoin managed to break the neckline hurdle, the price still needs to break out of this zone before continuing the rally towards $0.44.
Meanwhile, a price drop below the support level of the rounding bottom pattern at $0.14 will invalidate the bullish outlook. If this support is broken, the downtrend could potentially continue all the way to the zone around $0.11.
Whale Dogecoin Holdings Hit Record High of 24.98 Billion DOGEs
The whales seem to have started preparing themselves for a potential significant Dogecoin price increase, ahead of the filing deadline for a spot-based DOGE ETF.
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In the past seven days, addresses holding between 10 million and 100 million DOGE tokens have purchased an additional 320 million tokens. As a result, the group’s total holdings now stand at 24.98 billion DOGE – anall-time high.
This consistent accumulation also coincides with the increase in Mean Dollar Invested Age (MDIA) over the past six months.
The rise in this metric indicates that investors feel confident in Dogecoin’s short- and long-term prospects, and are not planning to sell anytime soon.
According to on-chain data from Santiment, this trend is a positive (bullish) signal for Dogecoin as it shows that the asset is in an accumulation phase. This opens up the opportunity for a price rally despite the general crypto market being under pressure.
Overall, the Dogecoin price has formed a rounding bottom pattern which suggests abullish trend reversal. If DOGE manages to break the $0.23 resistance level, the price has the potential to increase by 84% to $0.44.
Meanwhile, massive accumulation by whales-with total holdings reaching a record 24.98 billion tokens-strengthened the prospects of such a price surge.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Cointelegraph. Dogecoin Price: Rare Pattern Hints at 84% Jump. Accessed on June 13, 2025
