Dogecoin Holds Support at $0.17 as Whale Accumulation Surges

Dogecoin (DOGE) has stabilized around $0.17 following a 4.6% drop, with strong support forming in the $0.166–$0.167 range. Despite recent weakness, technical and on-chain indicators point to a potential bullish breakout if DOGE can overcome resistance levels at $0.18, $0.21, and $0.36.

From July 7 to 8, DOGE slipped from $0.174 to a low of $0.166 before rebounding slightly. Key buying support emerged during the afternoon hours on July 7, where volume-backed accumulation helped form a base. Price later recovered to $0.168, and volatility began to taper off, hinting at trend exhaustion. Notably, DOGE saw a brief surge between 03:38 and 04:37 on July 8, climbing from $0.1672 to $0.1680, with a volume spike of 4.1 million supporting the move. A higher low formed at $0.1679, indicating a possible shift in momentum toward a short-term uptrend.

Macroeconomic factors are also easing, contributing to improved risk sentiment. The U.S. has extended its “Liberation Day” tariff pause to August 1, while major banks now expect Federal Reserve rate cuts of up to 1% beginning in July.

Adding to the bullish narrative, Elon Musk’s announcement of The American Party — a political initiative rumored to involve blockchain-based finance — has renewed attention on Dogecoin. Whale accumulation has surged 112% over the past week, even as retail interest declines, signaling strong conviction from large holders. Analysts also point to a developing cup-and-handle pattern on the multi-year chart, which, if confirmed, could send DOGE toward the $0.75 level.

For now, DOGE remains beneath resistance but shows early signs of reaccumulation at key support, positioning it for a possible breakout.