Dogecoin slipped below the $0.081 support level that analyst Ali Martinez flagged, even as large holders reportedly added about 600 million DOGE. Technical indicators on the daily and weekly charts still sit below key averages.
Dogecoin fell roughly 7.6% on the weekly chart to around $0.0802, dropping under the $0.081 level Martinez identified. The move came despite reported whale purchases of 600 million DOGE.
In an Oct. 16 analysis, Martinez cited three reasons for a potential recovery: a daily TD Sequential buy signal, a concentration of coins acquired near $0.081, and large-holder purchases. Yet the signal alone does not establish that a recovery has started.
TradingView's daily Binance chart showed $0.08025 on Oct. 17, with a session high of $0.08094 and a low of $0.07982.
Whale purchases meet a large cost-basis cluster
Using a Glassnode chart, Martinez said roughly 36 billion DOGE had previously traded around $0.081. He qualified the argument himself. According to Martinez: "though it does not guarantee buyers will defend it", referring to that level.
For whale activity, he cited Santiment data showing holdings rising from approximately 55.6 billion DOGE toward 56.2 billion between Oct. 12 and Oct. 16. His longer-range scenario depends on $0.081 holding, and he identified $0.16–$0.17 as a potential profit-taking area.
Indicators sit below key averages
On the daily chart, DOGE traded below the 20-day Bollinger Band midpoint at $0.08847, with the upper band at $0.09958 and the lower boundary at $0.07736. The Awesome Oscillator read negative.
The weekly chart placed DOGE below each displayed simple moving average, including the 20-week at $0.08163 and the 50-week at $0.10188. Weekly Chaikin Money Flow read minus 0.06.
Liquidation clusters flank the price
CoinGlass's three-day heatmap, captured Oct. 17, showed especially bright bands around $0.0844 above the market and $0.0773 below it. The colored bands represent modeled liquidation exposure, not completed liquidations.
Source: crypto.news
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