The memecoin is testing critical support after whale accumulation fails to offset accelerating technical deterioration and institutional selling pressure.
News background
• Whale cohorts have accumulated 4.72B DOGE (~$770M) over the past two weeks despite price declines
• Speculation grows around Bitwise and Grayscale preparing spot DOGE ETF filings
• BTC’s death cross and extreme fear sentiment is dragging down high-beta assets like DOGE
• Meme coin sector underperforms as crypto market cap drops 2% on renewed risk flows
Price action summary
• DOGE down 5% from $0.161 → $0.153, breaking multi-session support
• Volume increased to 1,264B tokens (+168% above average) as sales intensified
• Collapses accelerated during the London session as institutional flows dominated
• Temporary support formed at $0.1520, with consolidation now at $0.1534-$0.1537
• Multi-year rising trend line is now decisively broken on daily and monthly charts
Technical Analysis
Dogecoin’s technical structure quickly deteriorated as the price collapsed through the $0.1620 support that had supported the multi-month ascending channel. The breach occurred on institutional-grade volume – a hallmark of structural, not speculative, selling. The magnitude of volume (168% above average) reinforces that this was not a retail-driven flush, but rather deliberate positioning shifts by major players responding to broader macro weakness and BTC’s dead-cross-driven sentiment shock.
Despite the collapse, underlying accumulation trends paint a more nuanced picture. Whale cohorts with 100M–1B DOGE absorbed 4.72B tokens in the decline, creating a classic divergence where smart money buys collide with deteriorating card structure. Historically, these divergences precede volatility expansions and trend-defining moves.
Technically, DOGE has now broken below its multi-year rising trend line for the first time since 2021 – an important psychological and structural level. This breakdown places increased emphasis on horizontal support at $0.1520, which has held twice in the last 48 hours. An emerging double bottom around $0.155 is supported by RSI bullish divergence, suggesting that bearish momentum is waning even as structural risks persist.
For bulls, regaining $0.159-$0.160 is crucial 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 at a crucial turning point:
• $0.1520 to hold — a breakdown reveals a quick move to $0.150 then $0.120
• Recovery of $0.159-$0.160 would signal trend stabilization and neutralize immediate downside pressure
• Whale accumulation remains an important wildcard: sustained buying could lead ETF-driven catalysts to the front
• A confirmed double bottom above $0.155 could trigger a reversal towards $0.163, then $0.170
• BTC’s dead end and macro risk conditions remain the dominant external headwinds
