Dogecoin (DOGE) Whales Accumulate While Individuals Watch… Breaking $0.077 is a Rebound Watershed

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While Dogecoin (DOGE) has entered a consolidation phase after a rebound, whale investors are increasing their holdings, but the participation of individual investors appears to be slowing down. In the market, the breakthrough of the $0.077 resistance level is considered a key variable that will determine further upside.

According to the investment media FXStreet on July 6 (local time), Dogecoin has been trading sideways around $0.077 for three consecutive trading days after a 4% rebound last Friday. In the derivatives market, investors are maintaining a wait-and-see attitude, while on-chain data shows accumulation by whale investors, indicating mixed signals.

According to CoinGlass, Dogecoin futures open interest remained stable at $1.03 billion. The funding rate also recorded a positive 0.0089%, suggesting a continued preference for long positions. However, trading volume decreased by more than 5% during the same period, indicating a contraction in actual trading activity and a sentiment among investors waiting for a clear direction.

On-chain indicators also showed mixed trends. According to Santiment, the holdings of whales with over 1 billion Dogecoins increased from 72.73 billion to 73.85 billion last week. However, the increase in holdings stagnated over the past two days, and the number of whale transactions sharply decreased from 47 on Friday to 12 on Sunday. Nevertheless, the proportion of the total supply in a state of profit rose from 23.7% last week to 38.51%, indicating an improvement in investor sentiment along with price recovery.

Technically, $0.077 was presented as the most important resistance level. A breakthrough of this level could lead to a further rise to $0.0854, which is the 50-day Exponential Moving Average (EMA), but this resistance must be overcome for a medium-to-long-term trend reversal. The Moving Average Convergence Divergence (MACD) has maintained a moderate bullish trend after a golden cross, but the Relative Strength Index (RSI) remains at 41, confirming that the upward momentum is not yet strong. Conversely, in case of a decline, $0.0700 is the first support level, and if this level is also breached, further correction to $0.0642 is possible.

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