Will buyers step in as Dogecoin’s price nears $0.097 demand zone after 40% rally?

Dogecoin’s price ($DOGE) entered a sharp correction phase after rallying by nearly 40 from a bullish flag breakout that happened back in April.

After the correction, $DOGE’s price action might now be approaching the $0.097-demand zone, one where buyers may attempt to regain control.

Pullback tests strength of recent breakout

The recent drop does not erase the broader move though – It tests it. After breaking out and running hard, $DOGE has been retracing towards a level where demand previously showed up. In fact, the $0.097-zone stands out as the first real area where buyers can prove the trend still holds.

So far, the correction has been fairly direct. There has been little sign of a strong bounce yet, keeping the short-term pressure tilted in the bears favour.

On-chain signals point to shifting participation

What is happening under the surface is equally important too. Active addresses fell to their lowest levels, suggesting that retail participation may have cooled off during the pullback. At the time of writing, there were just 33K active address on the network.

This could be as a result of most investors and traders shifting away as they observed the current market developments.

At the same time, transaction volume has been rising sharply too.

The network’s transaction volume recorded 4 days of steady gains after it latest dip. Such a contrast usually points to fewer but larger players driving activity. It’s not broad engagement, it’s concentrated.

Whales appear to be stepping in

The likelihood of a potential reversal can be reinforced by the increase in wallets holding over $100K USD. The growth in these mid-to-large holders suggested accumulation may be taking place as the price dips. The timing and the magnitude of whales’ activity usually goes hand in hand with the token’s transactions volume.

This kind of behavior often shows up during corrections. While retail steps back, larger players start positioning quietly, especially near key levels.

Next move depends on reaction at $0.097

$DOGE is now approaching a level that matters. If buyers step in with strength around $0.097, the current pullback could turn into a healthy retracement within a larger uptrend.

If that level fails, the correction may extend further before a base forms.

As it stands, the long-term bullish structure is being tested – Not broken. The response at this demand zone will likely decide what comes next.

Final Summary

• $DOGE appeared to be approaching the $0.097-demand zone after a sharp correction

• Whale activity has been rising as retail participation drops to its lowest.