Dogecoin Price Enters Recovery Phase After Breaking Rising Wedge, Time to Buy?

Dogecoin price is entering a short-term recovery phase, as multiple indicators denote the same.

Exchange outflows indicate reduced sell pressure, as whale wallets have recently accumulated over 100 million DOGE. Meanwhile, a key technical breakout also adds to the bullish case.

Whales Accumulate Over 100 Million DOGE

Over the past week, on-chain data shows that large Dogecoin holders (between 1 million and 10 million DOGE) have added 100 million coins to their holdings. By the end of April, this accumulation had lifted their combined total from around 10.45 billion DOGE to more than 10.55 billion DOGE.

Meanwhile, Dogecoin’s price rose from about $0.153 on April 13 to about $0.176 by April 30. The increase in holdings by these mid-tier whales hints at a more confident position from the experienced market participants. These wallets are known to move strategically, buying when prices consolidate or correct and holding through short-term volatility.

This group has consistently piled up, despite recent price swings, which could indicate they are preparing for more upside. If this trend continues, it may decrease circulating supply on exchanges and help prop up price levels over time.

Negative Spot Exchange Flows Persist

Adding to the bullish case, Coinglass data shows Dogecoin continues to see more outflows than inflows on centralized exchanges. Since early March, netflows have been mostly negative, and several sharp red bars indicate outflows of more than $100 million in a single day. The same trend was followed in April, albeit with slightly lower volume.

Negative netflows indicate that more DOGE is being withdrawn from exchanges than deposited. These movements are often a result of long-term holding behaviour, given that coins moved off exchanges are less likely to be sold in the near future. This limits selling pressure and may help stabilize or support price.

Dogecoin’s price has traded between $0.13 and $0.18 during this period. With prices stable and outflows continuing, it appears to be a period of lower volatility, possibly leading to consolidation before a broader move. This could signify further confidence among holders if netflows continue to stay negative.

Dogecoin Price Technical Pattern Shows Recovery Structure

Trader Tardigrade shared a technical analysis showing that Dogecoin recently made a recognizable pattern on the 4-hour chart. The asset started with a rising wedge, which broke into a parallel channel. The price then broke out upward and began a new short-term recovery after trading within that range.

Since early April, this formation has repeated multiple times. The pullback is into a descending or sideways channel, and then we move higher. Dogecoin is trading above $0.174 as of May 1, breaking above its latest parallel channel.

The repeating structure indicates that the market is driven by a rhythm of alternating buying pressure, consolidation, and renewed momentum. Breakouts from parallel channels tend to signal the start of new trend legs, especially if they are accompanied by volume and general market strength.

Traders often watch volume spikes and follow-through candles to confirm such moves. If this pattern repeats, Dogecoin could be setting up for another move higher.

TVL Rebounds from Recent Lows

On the contrary, Dogecoin’s Total Value Locked (TVL) declined in the first quarter, but according to DeFiLlama, it has increased slightly. In early 2025, the TVL peaked at over $10 million, but it had fallen to near $2 million by early April 2025.

However, the latest data shows a mild uptrend, with a small but visible rebound forming in late April.

This rise in TVL aligns with the general recovery of DOGE’s price and technical pattern. While Dogecoin’s DeFi activity is much lower than larger blockchains, a rise in TVL may suggest a return of interest in ecosystem participation.

Typically, TVL growth means more users are locking assets in protocols to stake, provide liquidity, or otherwise use them. Dogecoin’s case is such that even small increases can matter, as they indicate renewed engagement from its community and developers.

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