- DOGE’s price remains above its long-term ascending channel support, signaling technical strength.
- Whale wallets continue to accumulate, hinting at confidence in a future rally.
Dogecoin [DOGE] is showing signs of resilience as it continues to hold above a key long-term ascending channel, fueling speculation that the memecoin may be on the verge of a potential breakout.
With whale demand showing strength and technical support aligning with historical price structure, the stage may be setting for a rally toward higher levels.
Dogecoin tests lower boundary of ascending channel
On the macro [1W] chart, Dogecoin remains well-supported above the lower boundary of its long-term ascending channel.
This trendline has served as a foundational level since 2015, and DOGE has respected this structure throughout previous cycles.
The recent pullback brought DOGE to $0.17, just above the 0.786 Fibonacci level $0.18395, a key retracement area that often precedes a rebound if demand accelerates.
If history repeats, this could mark the beginning of a move back toward the mid-range of the channel at around $0.56 or even higher toward $2.73, the 1.272 Fib extension, assuming broader market momentum returns.
Trends hint at growing confidence
On-chain data supports this technical structure. The Accumulation/Distribution Line was 20.28 billion DOGE at press time, signaling that long-term holders are continuing to accumulate even as price consolidates.
Source: TradingView
This divergence between price and accumulation often precedes rallies, when buyers are absorbing supply during dips.
Additionally, Santiment’s cohort distribution data highlights continued demand from large wallets.
Addresses holding [10M–100M DOGE] and [100M–1B DOGE] have seen steady accumulation throughout March, even as mid-sized holders [1M–10M DOGE] slightly declined.
This suggests larger players are positioning for potential upside, possibly expecting a broader market recovery to lift memecoins like Dogecoin.
Source: Santiment
Dogecoin still under pressure
Despite promising long-term signs, DOGE remains below both the 50 and 200-period moving averages on the 12-hour chart, with the 50 SMA acting as resistance at $0.176.
Momentum remains bearish in the near term, but a reclaim of $0.18 could be the first sign of reversal strength, especially if supported by increasing volume and A/D continuation.
Conclusion
Dogecoin is at a key inflection point. With price holding firm above its decade-long ascending channel and large wallets quietly accumulating, the risk-to-reward ratio may favor bulls.
However, confirmation will only come with a sustained breakout above $0.18. Should momentum build, mid-range targets of $0.27 to $0.56 come into play.
