- DOGE forms a falling wedge on the 4H chart with stochastic RSI showing oversold conditions.
- Whales accumulated over 100M DOGE in a week, reducing exchange supply and easing sell pressure.
- Price above $0.17 and breakout past $0.20 could trigger a move toward the $0.225 target zone.
Dogecoin (DOGE) is showing a recurring technical pattern on the H4 chart, which resembles a falling wedge formation. This structure previously appeared before a strong upward movement. With the stochastic indicator now dipping into the oversold zone, traders are closely watching for a possible breakout that may mirror past rallies.
Falling Wedge Formation Reappears on the H4 Chart
According to an observation by BitGuru on X, Dogecoin is holding above the $0.17 support level after bouncing from $0.13009. The token has formed a cup-shaped pattern with higher highs, and the falling wedge on the 4-hour chart suggests that the market may be preparing for another move. This same pattern occurred before the previous DOGE pump.
The stochastic RSI has now entered the oversold zone, which indicates that selling momentum is fading. If the price breaks above the wedge’s upper trendline, it could confirm the end of the short-term downtrend. Technical analysts also mentioned that the breakout from the descending channel occurred near $0.172, reinforcing the possibility of a recovery.
Resistance and Whale Accumulation May Support Upward Move
According to data shared by analyst Ali Martinez on X, wallets holding between 10 million and 100 million DOGE accumulated over 100 million tokens within a week. These whales have moved the tokens into long-term wallets, reducing supply on exchanges. This trend may lower sell pressure and support the next upward move.
Additionally, analyst Andrew Griffiths noted that Dogecoin has formed a rounded base between $0.14 and $0.19. He suggested that if the price maintains above $0.17 and breaks past $0.20, it may target $0.225. Griffiths called this range a potential breakout zone with room for 25%–40% upside if the pattern completes.
The current structure and price behavior show close similarities to the setup before Dogecoin’s last rally. Combined with oversold technical signals and increasing whale activity, the falling wedge pattern may once again act as a launchpad for price growth.
