Dogecoin Forms Cup-and-Handle Pattern as Whale Holdings Reach Record High

Dogecoin (DOGE) has been making waves in the market, and traders are taking notice. With a price ranging between $0.08516 and $0.09152 over the past 24 hours, DOGE is forming a cup-and-handle pattern on its 12-hour chart, according to analyst Trader Tardigrade.

The pattern suggests accumulation, with a rounded base indicating that investors are buying up the token. However, the tighter handle points to consolidation below resistance, and a breakout would require a decisive close above the handle trendline with rising volume.

As DOGE continues to trade in this range, traders are also keeping an eye on whale holdings, which have reached a record 108.52 billion DOGE, worth approximately $10 billion. This increased demand from large holders reduces available supply and can create positive sentiment in the market.