Dogecoin struggled to sustain upside momentum after facing rejection near $0.11. Although the memecoin rebounded from $0.097, it continued hovering around $0.10.
That narrow range reflected a market still searching for direction, with bulls and bears pulling price action both ways.
Why are Dogecoin whales turning bullish?
Despite DOGE’s struggle near $0.10, whales remained optimistic about a rebound. Some large holders also increased long exposure.
According to Lookonchain, one whale opened long positions on 27.38 million DOGE worth $2.75 million. The same whale also placed limit orders for 33.46 million DOGE worth $3.31 million.
Another whale, 0x5687, opened long positions on 10.21 million DOGE worth $1.03 million. Additional limit orders targeted 14.66 million DOGE worth $1.45 million.
Combined, both whales opened $3.78 million in long positions alongside $4.76 million in limit orders.
That aggressive positioning suggested whales expected Dogecoin [DOGE] to reclaim higher levels despite recent weakness.
On top of that, broader market sentiment also leaned bullish. Binance traders continued to favor long positions across the Derivatives market.
The Binance Funding Rate stayed positive over the last four days, indicating traders maintained bullish expectations. Even so, rising leverage also increased liquidation risks if support levels failed.
Can DOGE still hold amid high leverage?
Growing leverage exposure prompted some analysts to warn about a possible correction. Popular analyst Ali Martinez identified $0.102 as DOGE’s key support level.
According to Martinez, holding that level could support another rebound attempt. Failure to defend it, however, might trigger long liquidations.
That setup left traders focused on a potential liquidation cascade toward $0.088 if leveraged positions unwind aggressively.
What do momentum indicators show?
Despite stronger whale demand, downside momentum continued building across technical indicators. The ADX remained weak, while the +DI and -DI stayed compressed within the same zone.
That structure suggested weak directional conviction and choppy market conditions. It also pointed toward fading bullish momentum instead of strong bearish expansion.
Historically, similar setups often emerged before extended consolidation phases.
As a result, DOGE could continue trading between the 20-day, 50-day, and 100-day EMA levels. The $0.105 region remained the immediate upper boundary.
To avoid a deeper correction, DOGE needed to hold current support levels. If buyers regained control, $0.11 could become the next major resistance target.
Final Summary
- Two whales opened $3.78 million in DOGE longs and placed $4.76 million in limit orders.
- Dogecoin’s $0.102 support level remains key because a breakdown could trigger long liquidations toward $0.088.
