Dogecoin (DOGE) Price: Holds Near $0.07 Support After Trendline Break

TLDR

• Dogecoin broke above a descending trendline on Saturday, hinting at a possible short-term shift in momentum.
• DOGE is trading near $0.07052, with resistance at $0.0710 and support at $0.07.
• Whales added 680 million DOGE, worth about $48 million, according to on-chain data.
• Analyst KrissPax flagged the trendline break, but buyers have not yet cleared resistance.
• Analyst dogegod linked the whale buying to expectations of a Fed rate cut.

Dogecoin is trading at $0.07052 as of this writing. The coin has a 24-hour trading volume of $306.98 million and a market cap of $12.06 billion, according to CoinMarketCap.

The price has held fairly steady over the past day. But the chart and whale activity point to a possible move ahead.

DOGE broke above a descending trendline on Saturday. This is a pattern that had been pressuring the price lower for several sessions.

Crypto analyst KrissPax posted about the move on X. He said the break signaled a possible shift in short-term market momentum for Dogecoin.

Buyers were not able to hold the breakout, though. DOGE ran into resistance near $0.0710 and pulled back into a narrow range.

The coin has stayed slightly above $0.07 since then. Traders appear to be waiting for a clearer signal before making a bigger move.

Whale Buying Adds to the Picture

Separate data shared by analyst dogegod on X showed large holders adding to their DOGE positions. Whales reportedly bought 680 million DOGE, worth close to $48 million.

Dogegod tied the buying to expectations that the Federal Reserve may lower interest rates soon. Lower rates can increase liquidity and push more money into speculative assets like DOGE.

If whales keep accumulating, fewer tokens may be available for sale on exchanges. That alone would not guarantee a rally, though.

Price direction will still depend on several things. These include Fed signals, overall market sentiment, trading volume, and continued whale activity.

What Could Happen Next

The next move for DOGE likely hinges on the $0.0710 level. A close above that price could support further gains.

A drop below $0.07 would remove the recent support level. That could open the door to renewed selling pressure.

For now, DOGE remains in a tight range between these two price points. Traders are watching for a decisive close in either direction.

At the time of writing, DOGE sits at $0.07052, just above the $0.07 support level and below the $0.0710 resistance level.

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