Doge has risen by nearly 14% last month and increased by 130% year-on-year. Despite a 24-hour decline, it remains one of the few meme coins that has still risen by 3% this week. The question now is whether it will consolidate or experience trend fatigue.
Three related signals suggest the former is still possible.
Mega Whales Buying at Low Levels... Setting the Mood
Since August 14th, mega wallets (โฅ1,000,000,000 Doge) have increased their holdings from 7.084 billion to 7.111 billion Doge. This represents an addition of nearly 270 million Doge.
This purchase occurred when the Doge price was exploring the $0.21 short-term major support zone. This new buying demonstrates that large holders still maintain confidence in the coin's upside potential. This is the first of three positive signals.
Whale buying is our initial signal: Large holders are absorbing weakness. Next, we'll confirm if overall selling pressure has actually eased.
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Doge 'Spent Coins Age Band' Eases Selling Pressure
The Spent Coins Age Band tracks how previously inactive supply (by age group) is being consumed. Decreasing figures mean older supply is less present in the market, often providing relief during mid-rally adjustments.
Since yesterday, Doge's spent outputs have decreased from 429.77 million to 209.72 million. In other words, while mega whales are adding, old coins are not massively appearing.
These two changes explain the same perspective: Large holders are absorbing declines, and long-term held coins' distribution is reducing. Lastly, when Doge price rose, the Spent Coins Age Band indicator recorded its monthly low between August 2nd and 5th.
Doge Price, Strength Pattern and Key Trigger Zones
Why use a 4-hour chart? It captures short-term trends faster than daily charts due to on-chain changes.
On the 4-hour chart, Doge is trading within an ascending triangle with obstacles near $0.232, $0.239, and $0.246. These resistance levels are crucial in this short time frame.
The $0.232 zone has been contested multiple times. Clearly breaking above it could shift momentum to buyers and potentially raise the daily structure. The Bull-Bear Power on the 4-hour chart is rising from the bottom, suggesting bearish pressure is dissipating within this pressure.
The Bull Bear Power indicator measures the balance between buyers (bullish) and sellers (bearish) in the market. It estimates bullishness by comparing the highest price to the exponential moving average (EMA) and measures bearishness by comparing the lowest price to the EMA. When BBP moves into the positive zone, it suggests buyers are gaining control, and when it moves deeper into the negative zone, it indicates sellers are dominating.
If whales continue adding and the Spent-Age indicator remains quiet, a top breakout has a higher probability. A decisive drop below $0.216, meaning a complete candle close, would invalidate the short-term bullish setup for Doge and reopen the decline.
