Dogecoin extended losses through Tuesday’s session, falling 6.8% to break below key support at $0.18 as heavy whale outflows and increased trading activity confirmed institutional distribution across meme coin markets.
News background
- DOGE fell sharply from $0.1934 to $0.1803 during the 24-hour session, breaking through several support levels within an 8.9% intraday range. The move came amid a 44% jump in trading activity above the seven-day average, marking one of the biggest single-day volume expansions this month.
- On-chain data revealed over $29 million in large transactions during the crash phase, including a $26.8 million transfer to Binance from a dormant whale address, which coincided with the session’s biggest volume increase.
- DOGE’s 3.25% underperformance versus the broader crypto market underscored sector rotation and profit-taking behavior among institutional participants despite risk-on sentiment across major assets.
Summary of price action
- Price action carved out a sequence of lower highs from the $0.1972 peak, confirming the exhaustion of previous bullish momentum. Support emerged around the $0.1780-$0.1800 band, with buyers briefly stabilizing the price after the breakdown.
- Whale activity dominated order flow throughout the session, with entry on exchanges accelerating during each rejection attempt.
- The timing of these transfers precisely matched intraday volume increases, confirming their influence on DOGE’s downward trajectory.
Technical Analysis
- DOGE’s structure shows a clear shift towards a distribution phase where momentum oscillators turn bearish and price fails to break above broken support levels.
- The break below $0.18 completed a short-term rising wedge failure, confirming a continuation of the downside. Volume analysis shows institutional-scale distribution, with revenue of 1.17 billion representing a 44% increase over weekly averages.
- Technical resistance has changed to $0.1950-$0.1970, while immediate support now lies near $0.1780-$0.1800.
- The overall intraday range of 8.9% highlights volatility consistent with liquidation of leveraged positions.
- Momentum divergence continues on lower timeframes, suggesting further downside towards the $0.166 zone if current levels fail.
What Traders See
- Traders are focused on whether DOGE can defend the $0.18 base after more whale-led selling. Relief moves towards $0.181-$0.182 are expected to meet the selling pressure, with liquidity likely concentrated below previous resistance.
- Derivatives data shows futures open interest fell 61% from October peaks, indicating leveraged participants are exiting but not yet confirming re-accumulation.
- Despite seasonal optimism for Q4 meme coins, DOGE’s market structure remains fragile and near-term sentiment skews defensive until a confirmed recovery above $0.19 restores technical stability.
