The memecoin tests critical support after whale accumulation fails to offset accelerating technical deterioration and institutional selling pressure.
News Background
• Whale cohorts accumulated 4.72B DOGE (~$770M) over the past two weeks despite price decline
• Speculation grows around Bitwise and Grayscale preparing spot DOGE ETF filings
• BTC’s death cross and extreme-fear sentiment drag high-beta assets like DOGE lower
• Meme-coin sector underperforms as crypto market cap loses 2% amid renewed risk-off flows
Price Action Summary
• DOGE fell 5% from $0.161 → $0.153, breaking multi-session support
• Volume spiked to 1.264B tokens (+168% above average) as selling intensified
• Breakdown accelerated during London session as institutional flows dominated
• Temporary support formed at $0.1520, with consolidation now at $0.1534–$0.1537
• Multi-year ascending trendline now decisively broken on daily and monthly charts
Technical Analysis
Dogecoin’s technical structure deteriorated rapidly as price collapsed through the $0.1620 support that had underpinned the multi-month ascending channel. The break occurred on institutional-grade volume — a hallmark of structural, not speculative, selling. The magnitude of the volume (168% above average) reinforces that this was not a retail-driven flush, but rather deliberate positioning shifts from large players responding to broader macro weakness and BTC’s death-cross-driven sentiment shock.
Despite the breakdown, underlying accumulation trends paint a more nuanced picture. Whale cohorts holding 100M–1B DOGE absorbed 4.72B tokens into the decline, creating a classic divergence in which smart money buying collides with deteriorating chart structure. Historically, these divergences precede volatility expansions and trend-defining moves.
Technically, DOGE has now broken below its multi-year rising trendline for the first time since 2021 — a key psychological and structural level. This breakdown places increased importance on horizontal support at $0.1520, which has held twice in the past 48 hours. A developing double-bottom around $0.155 is supported by RSI bullish divergence, suggesting bearish momentum is slowing even as structural risks persist.
For bulls, reclaiming $0.159–$0.160 is critical to negate further downside. For bears, a failure below $0.1520 reopens the path to $0.150, then $0.120, where multi-year volume nodes cluster.
What Traders Should Watch Out For
Traders are now positioned at a decisive inflection point:
• $0.1520 must hold — a breakdown exposes a quick move to $0.150 then $0.120
• Reclaiming $0.159–$0.160 would signal trend stabilization and neutralize immediate downside pressure
• Whale accumulation remains a major wildcard: sustained buying could front-run ETF-driven catalysts
• A confirmed double bottom above $0.155 could spark a reversal toward $0.163, then $0.170
• BTC’s death cross and macro risk-off conditions remain the dominant external headwinds
