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Rare technical setups often set the stage for a strong directional move.
Notably, Dogecoin [$DOGE] seems to be showing one right now. From a technical standpoint, $DOGE has been chopping around the $0.07 level for over seven weeks, while its weekly RSI remains in the oversold zone. Interestingly, the RSI hasn’t entered the overbought zone since the Q3 2025 cycle, suggesting that $DOGE could be going through a prolonged accumulation phase.
This is where the chart below begins to hold weight. Based on $DOGE’s CVDD Channel, the memecoin is currently sitting at one of the most extreme levels seen in its history, pointing to a zone of significant on-chain undervaluation.
Taken together, the sideways chop, oversold RSI, and undervaluation suggest $DOGE could be forming a rare technical setup, potentially building a solid base for its next major move.
This makes the recent on-chain activity even more interesting. According to $DOGE’s whale holdings, large holders have accumulated well over 430 million $DOGE over the past week, adding more weight to the bullish setup. And the story doesn’t end here. Notably, other on-chain signals are also starting to look similar to $DOGE’s 2022 cycle, when the memecoin rallied over 140% in a month, adding more fuel to the possibility of another major move.
Putting it all together, analysts are pointing to Dogecoin [$DOGE] forming a big five-wave setup, making the memecoin one of the key assets to watch for the rest of Q3.
$DOGE’s accumulation phase deepens
Dogecoin’s current setup is starting to look a lot like the early stages of its 2020-21 cycle.
Notably, analysts are pointing to a big five-wave structure, with $DOGE now in the fourth wave, an accumulation phase that could set the stage for the next major move. With technicals, whale accumulation, and on-chain undervaluation all lining up, the setup is becoming hard to ignore.
As the chart below shows, $DOGE’s previous cycle saw a massive 26,800% expansion after accumulation. Wave 1 and wave 2 appear to be complete, while Wave 3 topped near $0.04. $DOGE is now developing Wave 4 within a descending channel. The key area to watch is the $0.07-$0.05 HTF demand zone, while the bigger bullish structure remains intact as long as $DOGE stays above $0.04.
In short, $DOGE could be on track for its next move, with the $0.07-$0.05 zone as the key area to watch.
Given this context, the ongoing whale accumulation doesn’t look random. It could be an early sign of large holders positioning for a similar 2020-21 style cycle. In turn, this makes $DOGE’s big five-wave structure one to watch through Q3, with $1 still very much on the table.
Final Summary
- Dogecoin’s technicals, whale accumulation, and undervaluation suggest it could be preparing for a big move.
- With a potential five-wave setup forming, $DOGE could repeat its 2020–21 cycle. As a result, this puts the $1 back on the table.