Dogecoin Price Holds at $0.081, Whale Activity Could Determine the Next Move
Dogecoin Holds Near Critical Support as Whale Activity Draws Attention
Dogecoin (DOGE) traded around $0.0865 on June 9 after rebounding from a low near $0.0845, according to data from crypto.news.
The leading memecoin gained about 0.6% over the past 24 hours. However, DOGE remains down nearly 14% over the past week and more than 20% over the last month.
Despite the recent recovery, the broader market structure remains bearish. Dogecoin is currently trading near a major support zone, while momentum, volume, and distribution indicators suggest buyers have yet to take full control of the market.
Dogecoin’s market capitalization stood at approximately $13.38 billion, making it the 11th-largest cryptocurrency by market value. The asset is still down more than 53% over the past year and about 43% over the last 200 days.
Its circulating supply was around 154.58 billion DOGE, while total supply approached 170.29 billion tokens.
Dogecoin Tests Key Demand Zone at $0.081
Crypto analyst Ali Martinez described Dogecoin as being at a “critical structural inflection point.” According to Martinez, the $0.081 level represents the lower-middle boundary of a long-term parallel channel that has guided DOGE’s price action since 2021.
On-chain data highlights the significance of this area. UTXO Realized Price Distribution data shows that more than 30 billion DOGE last changed hands around $0.081, meaning many investors have an average cost basis near that level.
This concentration of holdings could strengthen support as investors may defend their entry prices. However, if DOGE closes below the zone, selling pressure could intensify as more holders move deeper into losses.
On the upside, the nearest resistance sits around the daily high of $0.0874. A stronger recovery would require a breakout above $0.09, opening the door for potential moves toward $0.1019 and $0.1156.
RSI Signals Oversold Conditions, but Trend Remains Weak
Dogecoin’s Relative Strength Index (RSI) currently stands at 31.03, slightly below its signal line at 32.88. The reading is just above the traditional oversold threshold of 30, indicating that bearish momentum remains active, although selling pressure may be becoming exhausted.
A move above the RSI signal line could support a short-term rebound. However, the indicator alone is not enough to confirm a market bottom. DOGE must also hold above $0.081 and establish higher lows before its technical structure begins to improve.
Meanwhile, the Accumulation/Distribution indicator remains near 200.01 billion and continues to trend lower, suggesting that distribution activity still outweighs accumulation.
This creates a mixed outlook. While the RSI points to the possibility of a relief rally, weak accumulation signals that underlying demand remains limited.
Whale Accumulation Meets Weak Derivatives Activity
Martinez noted that large holders accumulated more than 200 million DOGE over the past week. The purchases suggest that some whales are using the recent decline to increase their exposure near the important $0.081 support zone.
However, this buying activity has not yet triggered a decisive breakout. Dogecoin’s 24-hour trading volume was approximately $661 million, while the broader crypto market remained cautious following Bitcoin’s recent decline toward $60,000.
According to CoinGlass data, DOGE derivatives trading volume fell 16.53% to around $1.35 billion, while open interest declined 0.83% to roughly $1.03 billion. The drop in activity suggests traders are reducing risk rather than opening aggressive new positions.
Options volume also declined, although options open interest recorded a slight increase. Overall, the data does not yet indicate strong market confidence in an immediate recovery.
Downside Risk Toward $0.067 and $0.058 Remains
Martinez outlined two possible scenarios for Dogecoin’s next move. In the bullish case, the $0.081 support zone successfully absorbs selling pressure, allowing DOGE to reclaim $0.09. If momentum strengthens, the next upside targets are $0.1019 and $0.1156.
In the bearish scenario, a weekly close below $0.081 could trigger further downside. Previous analysis from crypto.news identified $0.067 as the next potential target based on a large weekly head-and-shoulders pattern.
Martinez also highlighted $0.058 as a deeper support level, representing the lower boundary of the long-term parallel channel. A decline from $0.0865 to that level would amount to roughly a 33% drop.
While Martinez linked part of the market narrative to SpaceX’s planned initial public offering (IPO), he emphasized that the development does not provide technical confirmation for Dogecoin and does not guarantee new demand.
For now, Dogecoin must defend the $0.081 support level and reclaim $0.09 to reduce immediate downside risk. A sustained move above $0.1019 would strengthen the short-term outlook, while a weekly close below $0.081 could keep $0.067 and $0.058 firmly in focus.
