Dogecoin Under Pressure as Whales Sell and Techs Weaken

Key Moments

Whale Positioning Splits as Large Holders Sell

Dogecoin (DOGE) is trading around $0.075 on Monday, extending a downtrend that has now lasted for five consecutive weeks since the end of September. On-chain data shows a clear divergence in behavior among major holders, pointing to a mixed and cautious backdrop for the meme coin.

According to Santiment’s Supply Distribution metrics, addresses holding between 10 million and 100 million DOGE have reduced their balances by 120 million tokens since Thursday. In contrast, wallets in the 100,000 to 1 million DOGE band and the 1 million to 10 million DOGE band have collectively acquired 100 million DOGE over the same time frame, despite the ongoing price weakness.

This split implies that the largest whale cohort is scaling back exposure, while smaller whales are stepping in to buy at lower levels. However, continued selling from the bigger wallets has the potential to maintain or increase near-term selling pressure on DOGE.

On-Chain Indicators Point to Bearish Sentiment

Additional on-chain signals from CryptoQuant reinforce a negative bias toward Dogecoin. Summary data for DOGE’s spot and futures markets highlights the presence of large whale orders in what are described as heating conditions, with both segments showing sell-side dominance.

These readings indicate that market participants in both spot and derivatives are leaning toward caution, with sentiment skewed to the downside for the meme coin.

Technical Picture: DOGE Trades Below Key EMAs

From a technical standpoint, Dogecoin is quoted at $0.076 on Monday and remains below all its major Exponential Moving Averages (EMAs), keeping the short-term setup tilted bearish. The 50-day EMA stands at $0.082, the 100-day EMA at $0.083, and the 200-day EMA at $0.090, forming a stacked overhead supply region.

A downward-sloping resistance trendline, which most recently interacted with price around $0.079, continues to act as a ceiling on rebound attempts.

Momentum indicators underscore this subdued backdrop. The Relative Strength Index (RSI) is holding in the mid-30s, signaling weak buying interest. The Moving Average Convergence Divergence (MACD) is near the zero line with a flat profile, also pointing to a lack of strong directional conviction and failing to confirm any meaningful reversal.

Critical Levels to Watch: Resistance Bands and Support Floor

On the upside, the first area of resistance is located near the broken trendline region around $0.079. Above that, the 50-day EMA at $0.082 and the 100-day EMA at $0.083 present additional hurdles where any short-covering or bounce is likely to encounter supply.

Further up, a horizontal resistance zone around $0.088, together with the 200-day EMA at $0.090, forms a broader cap on price. Beyond these, a more distant resistance level sits at $0.1027.

On the downside, the next notable support is seen around the horizontal floor at $0.068. A move toward this area could attract dip-buying interest, but a daily close beneath that zone would open the door to further weakness within the ongoing corrective phase.