Dogecoin has chopped around $0.07 for over seven weeks while its weekly RSI stays oversold, a pattern analysts say echoes the early stages of its 2020-21 cycle. Whales have added more than 430 million DOGE in the past week, and analysts point to a five-wave structure that could put $1 back on the table.
Dogecoin [DOGE] is showing a rare technical setup that analysts say could set the stage for a big directional move. 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, a reading that hasn't turned overbought since the Q3 2025 cycle.
That prolonged oversold stretch suggests DOGE could be in an extended accumulation phase. 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 building a solid base for its next major move.
Whale accumulation adds weight to the setup
According to DOGE's whale holdings data, large holders have accumulated well over 430 million DOGE over the past week. Other on-chain signals are also starting to resemble DOGE's 2022 cycle, when the memecoin rallied over 140% in a month, adding to the possibility of another major move. Analysts are pointing to Dogecoin forming a big five-wave setup, making it one of the key assets to watch for the rest of Q3.
A five-wave structure taking shape
Dogecoin's current setup is starting to look like the early stages of its 2020-21 cycle. 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. That previous cycle saw a massive 26,800% expansion after accumulation, with Wave 1 and Wave 2 already complete and Wave 3 topping near $0.04.
DOGE is now developing Wave 4 within a descending channel, with the $0.07-$0.05 zone marked as the key area to watch. The bigger bullish structure remains intact as long as DOGE stays above $0.04. 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, which would keep $1 on the table for DOGE's five-wave structure through Q3.
Source: AMBCrypto
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