Dogecoin Finds Footing Near $0.17 as Whale Accumulation Doubles Despite Political Jitters

Dogecoin is holding steady around $0.17 after sliding 4.6%, as solid support emerges in the $0.166–$0.167 range, helping to stabilize price action even amid geopolitical uncertainty and macroeconomic pressures.

Despite recent softness, analysts are cautiously optimistic. Large holders have stepped up their buying, with whale accumulation surging 112% over the past week, hinting at possible bullish momentum if DOGE can break through key resistance levels at $0.18, $0.21, and $0.36.

Market Context

• Global crypto markets remain under pressure due to heightened trade tensions and shifting monetary policy from central banks.
• The U.S. has extended its “Liberation Day” tariff pause to August 1, providing temporary relief to risk markets.
• Major banks are now forecasting Federal Reserve rate cuts between 0.25% and 1% as early as July.
• Elon Musk’s surprise announcement of The American Party—a political movement rumored to include blockchain-powered financial solutions—has reignited interest in Dogecoin, particularly among whales.
• Retail interest, however, continues to wane.
• Analysts see DOGE potentially coiling into a multi-year cup-and-handle formation, which, if confirmed, could push the token toward $0.75. For now, however, resistance remains formidable as the coin consolidates around current levels.

Technical Picture

• Between July 7 at 05:00 UTC and July 8 at 04:00 UTC, DOGE dropped from $0.174 to a low of $0.166, marking a 4.6% decline.
• Significant support emerged in the $0.166–$0.167 zone, particularly during high-volume trading between 13:00 and 16:00 UTC on July 7.
• DOGE recovered slightly to $0.168 in late trading hours, with decreasing volatility hinting at possible trend exhaustion.
• From 03:38 to 04:37 UTC on July 8, DOGE staged an hourly rebound from $0.1672 to $0.1680, driven by a breakout between 04:29 and 04:31 on 4.1 million tokens traded.
• A higher low at $0.1679 indicates a potential shift in momentum, laying groundwork for a short-term bullish push.