- DOGE trades in a tight $0.16–$0.19 range with RSI near 50, showing neutral sentiment and indecisive market behavior.
- Whale wallets show mixed activity, with large holders accumulating while average wallets reduce exposure.
- MACD and volume suggest potential minor upside if DOGE breaks $0.175, but $0.17 remains critical support.
Dogecoin’s price activity shows signs of stagnation after an April upswing failed to push beyond key resistance levels. At press time, the asset was trading at $0.17344, posting a daily gain of 1.73%. Since peaking near $0.50 in December 2024, Dogecoin has trended downward, slipping into a consolidation range between $0.16 and $0.19.
Technical indicators show mixed sentiment with questions on whether the next move will be upward or a continuation of the decline. Analyst Astronomer suggests the price may have bottomed following rejection at $0.18. According to the analyst, the outlook resembles that of Dogecoin’s 500% rally in October 2024.
Price Enters a Neutral Phase
Since mid March, Dogecoin’s price has remained in a downtrend with lower highs and lows until early April. However, the pattern changed in April, forming a horizontal range. Prices have been between the $0.16 support and $0.19 resistance zones.
This shows a shift from trend to consolidation. The RSI has fallen from 56.13 to 50.91, near the neutral 50 level. This decline suggests weakening bullish momentum. Meanwhile, the MACD line is just above the signal line, with a marginally positive histogram.
If volume supports it, a crossover could indicate minor upward movement. Volume is steady at 184.99 million, showing moderate activity but no strong inflows or outflows. This shows the current indecisiveness, with neither bulls nor bears in clear control.
Dogecoin faces resistance at $0.1740, $0.1780, and $0.1850, with the next key level at $0.200. A break above $0.175 may lead to momentum toward the $0.185–$0.190 range. On the downside, failure to hold $0.17 could open a retest of $0.166–$0.162.
Whale Activity and Unclear Accumulation Signals
A 100 million DOGE transfer, worth approximately $17.5 million, caught market attention. As per analyst Ali, Whales bought 100 million DOGE in the past week. There have been consistent negative netflows since February, indicating accumulation rather than distribution.
Throughout April, outflows continued at a moderate pace, suggesting long term holders moved assets to private storage. Wallets holding between 1 million–10 million and 100 million–1 billion DOGE showed increased buying activity after early April.
However, wallets in the 10 million–100 million range have steadily offloaded holdings. According to current readings, May 6’s expected range is between $0.162 and $0.185. Price movement depends heavily on momentum indicators and volume trends through the session.
