• Whales bought 1 billion DOGE, triggering a $3M short squeeze.
• DOGE trades below key EMAs while retail remains cautious.
• Charts suggest a breakout, but resistance zones block upward momentum.

Dogecoin — DOGE, has gained serious attention. In only 24 hours, whale addresses scooped up a staggering 1 billion DOGE, sparking a dramatic short squeeze and drawing attention across trading circles. This buying frenzy led to $3 million worth of short positions liquidated, catching many traders off guard. While large players aggressively load up on DOGE, everyday investors remain hesitant, watching the price action unfold with a mix of caution and curiosity. The question now: Is this the start of a major breakout—or just noise?

Whale Activity Sets the Stage for Volatility

At the time of writing, DOGE trades near $0.2009, marking a weekly drop of nearly 10%. The meme token has slipped below key support levels, including its 20-day EMA at $0.2129 and 50-day EMA at $0.2060. While that might alarm some retail traders, whale wallets appear undeterred. According to analyst Ali Martinez, these massive buys weren’t random—they could signal strategic accumulation ahead of a larger move.

Data from CoinGlass backs this up. DOGE’s derivatives volume surged by 2.43% to $4.82 billion in just one day. At the same time, open interest dropped to $3 billion, a sign that traders are closing positions, either by choice or by force. A total of $3 million in short liquidations took place as DOGE hovered near $0.208. This exact area was flagged by TheKingfisher as a “short squeeze zone,” making the liquidation no surprise to seasoned analysts.

Technical Indicators Paint a Complex Picture

Looking at the charts, DOGE is forming an ascending broadening wedge on the weekly timeframe. These patterns often signal wild price swings before a decisive breakout. Trader Tardigrade highlights that the last major wedge breakout saw DOGE move from $0.22 to $0.48. If history repeats, a run toward $1.40 isn’t out of the question. That would be a jaw-dropping move—but not impossible in the world of crypto.

On the daily chart, DOGE trades within an upward channel and currently tests the lower trendline support, sitting near $0.179. This trendline lines up closely with the lower Bollinger Band, tightening the range and hinting at an explosive move ahead. Indicators show mixed signals, however. The MACD remains bearish after a recent crossover, while the RSI sits at 44.7, hovering just above oversold.

Meanwhile, the Chaikin Money Flow sits at -0.01, suggesting capital outflows may be slowing. All of this leaves DOGE at a crossroads. Whales are clearly making bold moves, but without retail support, price may struggle to climb. A decisive breakout above resistance could flip the script, trapping over-leveraged shorts and flipping market sentiment fast.

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