Can Dogecoin break THIS bearish pattern after 155M DOGE dump?

• 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.

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.

The daily chart reveals that the memecoin is currently facing resistance at both the upper boundary of the channel and the horizontal level of $0.165.

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%.