A long-dormant Dogecoin whale has resurfaced after 11 months of inactivity, withdrawing 15.115 million DOGE worth approximately $2.95 million from Binance. This significant move comes as the popular meme coin continues to face bearish pressure, having declined 13.2% over the past month to trade at $0.2028.

Whale Confidence Clashes with Retail Selling

The reactivation of major, long-inactive wallets is often seen as a sign of confidence from sophisticated investors, suggesting they see value at current price levels. The whale’s wallet now holds around 15.19 million DOGE. This accumulation by a large-scale investor, however, stands in stark contrast to the behavior of retail traders.

While whales appear to be buying, on-chain data reveals that smaller market participants have been selling. According to analysis from CryptoQuant, the Spot Taker CVD indicator, a metric tracking buy and sell volume, remained negative throughout October, indicating aggressive selling pressure from spot traders. This trend is further supported by Coinalyze data, which shows a negative Buy-Sell Delta of 1.79 million DOGE, with sell volume outpacing buy volume.

Key Technical Resistance Hampers Price Recovery

Despite the whale activity, Dogecoin’s price chart reveals a challenging technical landscape. The token is currently trading below its 20, 50, 100, and 200-day Exponential Moving Average (EMA) lines, a strong signal of bearish market control. The Directional Movement Index (DMI) reinforces this sentiment, with its Negative Index near 39 while the Positive Index hovers around a low of 12.

For a bullish reversal, Dogecoin would need to decisively break above the 20-day EMA resistance near the $0.20 mark. A successful push could allow it to target the next resistance zone around $0.21, potentially opening a path toward the $0.22 range. However, if selling pressure persists, DOGE is likely to continue its sideways consolidation between $0.17 and $0.20, leaving its immediate trend uncertain.