DOGE rally heats up as whale activity hits 6-month high

Dogecoin posted strong gains over the past week, outperforming many top crypto assets

Summary

• Dogecoin whale transfers above $100K reached 739 in one day, Santiment data showed.
• Whale wallets holding at least 100M DOGE now control a record 108.52B tokens.
• DOGE’s RSI crossed 70 as price neared resistance, raising short-term pullback risks.

The token traded near $0.109, with steady daily volume and rising market cap. Short-term momentum has pushed prices higher despite a broader mixed market.

On-chain data from Santiment showed a sharp increase in whale transactions. The network recorded 739 transfers above $100,000 in one day. Large holders now control 108.52 billion DOGE, marking a record level. Santiment noted that “the memecoin’s +14% price rise over the past 10 days is very likely not just a coincidence”.

RSI signals overbought conditions

The Relative Strength Index (RSI) on the daily chart climbed above 70. This level often signals overbought conditions. The current reading near 73 suggests strong buying pressure, but also raises the risk of short-term cooling.

The RSI trend has been rising steadily since mid-April. This reflects sustained demand. However, when RSI remains elevated, price pullbacks can follow. Traders often watch this zone closely for early reversal signs.

Source: TradingViewAdditionally, the MACD indicator remains in positive territory. The signal line and MACD line are both trending upward. This confirms ongoing bullish momentum in the short term.

Histogram bars have also turned green and continue to expand. This suggests increasing strength in the current trend. Still, momentum indicators can lag during fast moves, making confirmation from price action important.

Resistance pressure and sell signals emerge

Price action shows Dogecoin approaching a key resistance zone near $0.11. The chart indicates multiple attempts to move higher, with gradual progress. This level has acted as a barrier in recent sessions.

Some analysts flagged caution signals. Ali Martinez stated that “TD Sequential flashes a sell signal on Dogecoin”. Another trader pointed to repeated rejections at resistance, adding that “the pattern is clean… this drop is coming”. These signals contrast with strong whale accumulation and ongoing momentum.