A potential DOGE rally could occur if the memecoin closes a daily candle above the $0.17 level.
On-chain metrics revealed that exchanges have recorded an outflow of over $18.34 million worth of DOGE.
Amid the ongoing geopolitical tensions, Dogecoin [DOGE] appears highly volatile.
According to the daily chart, the memecoin recently recorded a price surge of over 7% but has now plummeted and is poised to continue this decline.
The reason behind this notable volatility is the declaration of a cease-fire by U.S. President Donald Trump between Israel and Iran, which initially gave a notable boost to the overall financial and crypto markets.
However, it later appeared that the cease-fire was declared without a formal agreement, and Iran subsequently attacked Israel, causing a further dip in the asset’s price.
Analyzing DOGE’s price momentum
At press time, DOGE was trading near $0.164 and has recorded an upward momentum of over 7% in the past 24 hours.
Earlier, the memecoin surged over 12%, hitting an intraday high of $0.1674 before pulling back.
At the same time, trader and investor activity declined, with trading volume dropping 10% from the previous day.
This dip in volume during a price rise signals weak momentum, raising doubts about the sustainability of the uptrend.
Whale dumps 155 million DOGE
Given the current market sentiment, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had dumped 155 million DOGE, worth $24.6 million, to Robinhood.
This dump followed the memecoin’s rally. However, it is not yet confirmed whether the transaction was intended for a sell-off. Shortly after the transfer, the price dropped.
$18 million worth of DOGE leaves exchanges – Time to buy?
In addition to this dumping, the current market structure suggests that investors and long-term holders are accumulating DOGE, as revealed by the on-chain analytics tool CoinGlass.
Data on spot inflows and outflows shows that exchanges across the crypto landscape have recorded an outflow of over $18.34 million worth of DOGE in the past 24 hours.
Source: CoinGlass
This significant outflow suggests potential accumulation, which may ease selling pressure and limit further downside.
It also raises an important question: Is this a buying opportunity, or could prices fall even more in the days ahead?
Dogecoin’s technical levels
According to AMBCrypto’s chart analysis, DOGE appeared to be trading within a prolonged descending channel pattern.
Source: Trading View
If the current upward momentum holds and the asset breaks out of its channel, closing a daily candle above $0.17, it could pave the way for a rally of 20% to as much as 50%.
Next: AVAX’s $16 support holds, but challenges ahead for long-term bulls
