Dogecoin fell to a yearly low of $0.066 before recovering slightly, while large holders sold roughly 750 million DOGE since November 3. The $0.065 support level could determine whether the correction extends.
Dogecoin is trading around $0.068 on Wednesday, just above the yearly low of $0.066 it touched in the previous session. Persistent selling by large holders and weak indicators suggest the meme coin remains vulnerable to further losses, according to CoinJournal.
Whales offload 750 million DOGE
Santiment's Supply Distribution data shows that three groups of whale wallets offloaded approximately 750 million DOGE since November 3. The groups hold between 100,000 and 1 million DOGE, between 1 million and 10 million, and between 10 million and 100 million.
CryptoQuant's market summary points the same way. It shows large whale orders and elevated trading activity in both spot and futures markets, along with sell-side dominance in each.
Dogecoin trades below its major moving averages
Dogecoin still trades below all three major exponential moving averages. The 50-day EMA stands near $0.079, the 100-day near $0.081 and the 200-day at approximately $0.088.
Momentum readings lean bearish as well. The daily RSI has declined into the low-30s, while the MACD remains slightly negative below the zero line.
Support at $0.065 is the next test
The $0.065 horizontal support is the next downside threshold after Tuesday's drop to $0.066. If DOGE fails to defend it, sellers could push the price toward fresh yearly lows.
Buyers face resistance first at $0.068, where the coin trades now. A sustained move above it could target $0.077, followed by the 50-day EMA near $0.079.
Source: CoinJournal
Trading involves risk.
Risk Disclaimer
