Dogecoin price failed to maintain its recovery momentum and fell below $0.200 amid increasing bearish pressure. Meme coin leaders are showing signs of weakness following a sharp drop in market sentiment.
Technical indicators suggest that selling pressure is increasing and the downtrend could deepen further in the coming days.
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Dogecoin whale moves to sell
Dogecoin’s Exponential Moving Average (EMA) is currently forming a death cross. This is a bearish technical signal that typically marks the end of a long-term bullish trend. This crossover occurs when the 50-day EMA falls below the 200-day EMA, confirming that upward momentum has been lost. This event brings to an end nearly three months of positive sentiment towards DOGE.
The death cross suggests that Dogecoin may become more vulnerable to a broader bear market in the market. Weakening investor confidence could increase volatility and push prices higher.
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Whale activity is further reinforcing the bearish atmosphere. Data shows that large Dogecoin holders have started offloading significant amounts of their assets. In the past week alone, Whale has sold approximately 1.05 billion DOGE, or more than $180 million worth.
Whales holding 10 million to 100 million DOGE started selling on October 27th, reducing their stash by 800 million DOGE. Yesterday, a larger 100 million to 1 billion DOGE cohort began selling, reducing their holdings by another 250 million DOGE.
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Such large sales often have a significant impact on price trends and investor confidence.
This selling activity suggests that whales may have lost patience with Dogecoin’s prolonged sideways movement. Their exits often precede broader market corrections, and the size of recent liquidations indicates a decline in long-term belief.
DOGE price under duress
At the time of writing, Dogecoin price is $0.185, just above the immediate support level. However, bearish signals from both EMAs and whale action suggest that the decline could continue.
If the momentum weakens further, Dogecoin price could fall to $0.175 or even $0.165. The decline could trigger panic selling among retail traders, widening market losses and slowing any potential recovery.
Alternatively, a quick rebound could see Dogecoin regain $0.199 and break above $0.209. Such a move would invalidate the bearish theory, restore some investor confidence, and suggest renewed market participation and short-term stability.
