Dogecoin's price is exhibiting signs of a short-term recovery, confirmed by multiple indicators including whale accumulation and positive technical patterns.
Whales Accumulate Over 100 Million DOGE
Over the past week, on-chain data shows that large Dogecoin holders (between 1 and 10 million DOGE) have added 100 million coins to their holdings. By the end of April, their combined total increased from 10.45 billion DOGE to over 10.55 billion DOGE.
Negative Spot Exchange Flows
Coinglass data indicates that Dogecoin continues to experience more outflows than inflows on centralized exchanges. Since early March, netflows have primarily been negative, suggesting long-term holding behavior among users.
DOGE Price Technical Pattern Indicates Recovery
Trader Tardigrade provided a technical analysis showing that Dogecoin recently established a recognizable pattern on the 4-hour chart, signaling a short-term recovery after an upward breakout.
Overall trends of accumulation, negative flows, and positive technical patterns could indicate a return of confidence among Dogecoin holders, potentially leading to further price increases.
