Dogecoin (DOGE) Price Holds Steady Above $0.15 Despite Large-Scale Whale Dumping

Crypto trader Tardigrade said Dogecoin might be entering a 93-day bullish cycle, citing historical patterns that previously followed 159-day downtrends.

Dogecoin (DOGE) price has stabilized above the $0.15 mark this week despite sharp volatility triggered by large-scale whale activity. Analysts now point to several bullish signals indicating that the meme coin may be entering a prolonged recovery phase, possibly lasting three months.

Dogecoin Might Be Entering 93-Day Bullish Cycle

Crypto trader Trader Tardigrade said Dogecoin might be entering a 93-day bullish cycle, citing historical patterns that previously followed 159-day downtrends. "I’m thrilled to see a strong breakout from this triangle bottom," he posted on X, referring to the price's recent stabilization above $0.1549.

4H RSI is nearing a bullish crossover. Expect strong upward momentum if $DOGE can hold current levels and close above $0.18. A final push to $0.1666 would confirm a short-term reversal. Next resistance is $0.18028, a break of which could see buyers gain momentum for a broader rally.

— BitGuru (@BitGuruOfficial) September 7, 2023

Technical indicators show that DOGE remains in a falling wedge—a pattern that often marks the end of a bearish phase. According to an post from Crypto School, the price has managed to hold support at $0.15 despite aggressive selling. "This is a high-time frame setup where confirmation is key," the analyst wrote. "Waiting for the reclaim to reduce risk and maximise positioning."

Whales Dump 570M DOGE but Bulls Step In

However, despite the bullish formations on the chart, whale activity continues to exert pressure on the meme coin. On-chain analyst Ali revealed that whales offloaded over 570 million DOGE in the past seven days. The dump raised concerns over short-term selling pressure but did not break key support levels.

At the same time, retail traders have responded by accumulating at lower levels, supported by rising bullish divergence on the Relative Strength Index (RSI). Javon Marks flagged a "huge Regular Bullish Divergence," calling it a potential signal that bears are losing control.

"This could be pointing to a massive bullish reversal," Marks said, predicting a possible 150% rally toward the $0.40 level.

Huge Regular Bullish Divergence spotted on #Dogecoin RSI. ⁷

This could be pointing to a massive bullish reversal for $DOGE. Expect a 150% move from here to take us to around $0.40. A final push to $0.1666 would confirm a short-term reversal.

Could we be seeing $1 DOGE this year? 🤔 pic.twitter.com/9q0a434i6Y

— Javon - Crypto trader (@Javon_crypto) September 7, 2023

Analyst Steph Is Crypto also brought up the possibility of DOGE hitting $1 in 2025, adding that the meme coin is "poised for a bullish reversal" now that it has broken a key support threshold. A prior prediction even hinted at a $2 long-term price target.

"We’re going to see $DOGE teleport to $1.00," Steph wrote, highlighting the market's renewed interest in meme coins as macro conditions improve.

While such forecasts require broader confirmation, Tardigrade's chart analysis backs the case for an extended bull run. He added that the 4-hour RSI is nearing a bullish crossover, with upward momentum likely to follow if DOGE holds current levels.

Institutional use cases for DOGE have also been a point of discussion. Companies like Tesla, AMC Theatres, and Newegg have adopted Dogecoin for payments, citing its speed and low fees. Asset manager 21Shares credited this growing adoption to DOGE's suitability for small, everyday transactions.