Dogecoin could dip lower as large whales sell 120m DOGE

TL;DR

• Dogecoin trades around $0.075 on Monday following five straight weeks of declines.
• Wallets holding between 10 million and 100 million DOGE have offloaded 120 million tokens since Thursday.
• The primary support floor rests near $0.068, while upside moves encounter resistance between $0.079 and $0.090.

Dogecoin (DOGE) continues to struggle for stability on Monday, exchanging hands near $0.075 after five consecutive weekly downturns.

While minor whale accounts have engaged in dip-buying, larger market participants are moving in the opposite direction. This split leaves traders without a clear signal that the broader sell-off has concluded.

The divergent whale behavior coincides with weak on-chain indicators and DOGE remaining suppressed below its key moving averages. With sell pressure persisting, the $0.068 support floor may soon come under pressure.

Large Dogecoin whales sell while smaller holders buy the dip

Santiment’s Supply Distribution data indicates that addresses holding between 10 million and 100 million DOGE have shed roughly 120 million tokens since Thursday. This distribution suggests some of the asset’s largest holders are reducing risk as market prices slide.

However, buying activity has not halted completely. Over the same timeframe, wallets containing 100,000 to 1 million DOGE and those holding 1 million to 10 million DOGE accumulated a combined total of 100 million tokens. These mid-tier whale tiers appear willing to step in at lower valuations despite the overarching downtrend.

Even so, these purchases have failed to fully absorb the tokens released by larger holders. If distribution among mega-whales continues, DOGE may struggle to generate enough momentum for a lasting rebound.

An overview from CryptoQuant presents an equally cautious environment. Across both spot and futures markets, high-volume whale orders, elevated trading activity described as heating conditions, and seller dominance remain evident.

Combined, these metrics signal that market participants remain more inclined to liquidate than chase a price rally. While these factors do not guarantee another drop, they explain why Dogecoin has failed to attract consistent buying pressure.

Dogecoin stays below key moving averages

DOGE sits near $0.075 on Monday, remaining positioned under its key Exponential Moving Averages (EMAs): the 50-day at $0.082, the 100-day at $0.083, and the 200-day at $0.090.

These levels form a series of overhead technical barriers that buyers must reclaim to improve the chart outlook.

An initial test sits at a descending resistance trendline near $0.079. The Relative Strength Index (RSI) remains stuck in the mid-30s, signaling subdued momentum without showing a definitive trend reversal. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator hovers near zero with minimal directional bias.

A sustained breakout above the $0.079 trendline would offer an early sign of buying strength. DOGE would then encounter resistance at the 50-day EMA ($0.082) and the 100-day EMA ($0.083), where selling interest could re-emerge.

Subsequent resistance stands at $0.088 followed by the 200-day EMA at $0.090. Pushing through these key hurdles would be necessary before the more distant $0.1027 level becomes achievable.

On the downside, $0.068 represents the next major support zone to watch. A daily close beneath this mark would deteriorate the chart structure further and expose DOGE to additional downside, though current technical data does not outline a specific lower target.

For now, conflicting trends between whale cohorts offer little comfort to bulls. Smaller holders continue to buy dips, but larger wallets are distributing tokens, keeping the broader technical structure tilted downward. Dogecoin’s ability to hold $0.068 will likely determine its next decisive move.