TL;DR
- Dogecoin trades near $0.075 on Monday after five consecutive weeks of declines.
- Wallets holding 10 million to 100 million DOGE have shed 120 million tokens since Thursday.
- The next major support sits near $0.068, while a recovery faces resistance from $0.079 to $0.090.
Dogecoin (DOGE) is struggling to find its footing on Monday, trading around $0.075 after five straight weeks of losses.&
The meme coin has attracted some dip-buying from smaller whales, but larger holders are heading in the opposite direction, leaving the market without a clear signal that the selloff is over.
The split in whale behavior comes as on-chain trading indicators remain weak and DOGE continues to trade below its major moving averages. With sellers still active, the $0.068 support level could soon come into focus.
Large Dogecoin whales sell while smaller holders buy the dip
Santiment’s Supply Distribution data shows that wallets holding between 10 million and 100 million DOGE have reduced their combined holdings by roughly 120 million tokens since Thursday. The selling suggests some of the largest holders are taking risk off the table as the price continues to slide.
Not everyone is selling. Over the same period, wallets holding 100,000 to 1 million DOGE and those holding 1 million to 10 million DOGE accumulated a combined 100 million tokens. These smaller whale cohorts appear willing to buy at lower prices, even as the broader trend remains negative.
The purchases have not fully offset the distribution by larger holders. If that selling continues, DOGE may struggle to build enough momentum for a sustained rebound.
CryptoQuant’s market summary paints a similarly cautious picture. Both spot and futures markets show large whale orders, elevated trading activity described as heating conditions, and sell-side dominance.
Taken together, those signals suggest traders are still more inclined to sell than to chase a recovery. They do not guarantee another decline, but they help explain why Dogecoin has struggled to attract sustained buying interest.
Dogecoin stays below key moving averages
DOGE trades around $0.075 on Monday, below its 50-day Exponential Moving Average (EMA) at $0.082, 100-day EMA at $0.083, and 200-day EMA at $0.090.&
Those levels form a series of overhead barriers that buyers would need to reclaim before the technical outlook improves.
A descending resistance trendline near $0.079 presents the first test. The Relative Strength Index (RSI) remains in the mid-30s, reflecting weak momentum without yet showing a decisive reversal.&
Meanwhile, the Moving Average Convergence Divergence (MACD) is hovering around zero with little directional strength.
A move above the descending trendline at $0.079 would be an early sign that buyers are regaining ground. DOGE would then face the 50-day EMA at $0.082 and the 100-day EMA at $0.083, where sellers could return.
Further resistance stands at $0.088 and the 200-day EMA at $0.090. Only a stronger recovery through those levels would bring the more distant $0.1027 barrier into view.
On the downside, $0.068 is the next major support to watch. A daily close below that level would weaken the chart further and leave DOGE exposed to additional losses, although the supplied analysis does not identify a precise lower target.
For now, the divergence between whale groups offers little comfort to bulls. Smaller holders are buying the dip, but larger wallets continue to distribute tokens, and the technical trend remains bearish. Whether DOGE can defend $0.068 may determine its next meaningful move.
The post Dogecoin could dip lower as large whales sell 120m DOGE appeared first on CoinJournal.
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