DOGE faces potential drop as large holders offload 120 million coins

TL;DR

• Dogecoin changes hands near $0.075 on Monday following five consecutive weeks of losses.
• Wallets with balances between 10 million and 100 million DOGE have offloaded 120 million tokens since Thursday.
• The upcoming primary support level rests around $0.068, whereas any upward rebound faces resistance ranging from $0.079 to $0.090.

Dogecoin (DOGE) finds itself fighting for direction on Monday, changing hands near $0.075 after registering five straight weeks of declines.

Although the meme cryptocurrency has drawn dip-buying interest from smaller-scale whales, larger holders are moving in the opposite direction, leaving the market without definitive proof that the downward trend has concluded.

This split in whale activity arrives as on-chain indicators remain subdued and DOGE persists in trading underneath its principal moving averages. With sellers continuing to show presence, the $0.068 support threshold may soon come into play.

Large Dogecoin whales sell while smaller holders buy the dip

Data from Santiment’s Supply Distribution indicates that wallets containing 10 million to 100 million DOGE have collectively trimmed their holdings by roughly 120 million tokens since Thursday. This liquidation implies that some of the network’s largest participants are mitigating risk while the asset price keeps falling.

However, not everyone is liquidating. Across that exact timeframe, wallets holding 100,000 to 1 million DOGE alongside those holding 1 million to 10 million DOGE amassed a combined total of 100 million tokens. These smaller whale tiers demonstrate a willingness to acquire coins at reduced prices, even as the wider market trend stays negative.

These acquisitions have fallen short of neutralizing the distribution coming from the larger stakeholders. Should that selling persist, DOGE could find it difficult to gather enough momentum for a lasting turnaround.

A similarly cautious outlook is presented by CryptoQuant’s market summary, which highlights significant whale orders, elevated trading volumes categorized as heating conditions, and persistent sell-side dominance across both spot and derivatives markets.

Combined, these indicators signal that traders continue to favor selling over chasing a rebound. While they do not guarantee a deeper drop, they help clarify why Dogecoin has encountered hurdles in drawing consistent purchasing demand.

Dogecoin stays below key moving averages

On Monday, DOGE trades close to $0.075, sitting beneath its 50-day Exponential Moving Average (EMA) of $0.082, its 100-day EMA of $0.083, and its 200-day EMA of $0.090.

These benchmarks form a sequence of overhead barriers that bullish traders must clear for the technical outlook to brighten.

The initial challenge comes from a descending resistance trendline positioned near $0.079. Meanwhile, the Relative Strength Index (RSI) lingers in the mid-30s, signaling flat momentum without pointing to a clear reversal.

Simultaneously, the Moving Average Convergence Divergence (MACD) rests around zero with minimal directional power.

A breakthrough above the downward sloping trendline at $0.079 would serve as an early indicator that buyers are reclaiming territory. DOGE would subsequently encounter the 50-day EMA at $0.082 and the 100-day EMA at $0.083, zones where selling pressure could reemerge.

Additional resistance resides at $0.088 and the 200-day EMA at $0.090. Only a more vigorous recovery through those thresholds would bring the distant $0.1027 barrier back into focus.

Looking downward, the $0.068 level serves as the next critical support marker to monitor. A daily candle close beneath that threshold would further degrade the chart structure, leaving DOGE vulnerable to additional losses, though the current analysis does not specify a concrete downside target.

At present, the contrast in behavior among different whale cohorts offers little reassurance to bulls. Smaller accounts are purchasing the dip, but larger wallets continue distributing tokens, and the technical structure remains bearish. The ability of DOGE to defend the $0.068 mark may dictate its upcoming pivotal movement.

Short FAQs

What is the current trading price of Dogecoin?

Dogecoin is trading around $0.075 on Monday after experiencing five consecutive weeks of losses.

Are all whale investors selling Dogecoin?

No, behavior is split. While wallets holding between 10 million and 100 million DOGE have sold 120 million tokens, smaller whale tiers holding 100,000 to 10 million DOGE have accumulated 100 million tokens.

What are the critical support and resistance levels for DOGE?

The next major support level to watch is near $0.068. On the upside, resistance is found at the descending trendline near $0.079, the 50-day EMA ($0.082), the 100-day EMA ($0.083), $0.088, and the 200-day EMA ($0.090).