Dogecoin extended losses in Tuesday’s session, falling 6.8% to break below the $0.18 key as heavy whale outflows and elevated trading activity confirmed institutional distribution across the meme coin market.
News background
- Doge fell sharply from $0.1934 to $0.1803 in the 24-hour session, breaking multiple support levels within an 8.9% intraday range. The move came amid a 44% jump in trading activity above the seven-day average, marking one of the biggest expansions in single-day volume this month.
- On-chain data revealed more than $29 million in large transactions during the breakdown phase, including a $26.8 million transfer to Binance from a dormant whale address, which coincided with the heaviest volume of the session.
- Doge’s 3.25% underperformance compared to the broader crypto market underscored sector volatility and profit behavior among institutional participants despite risk sentiment in key assets.
Summary of Price Action
- Price action carved out a sequence of lower highs from the $0.1972 peak, confirming the exhaustion of the earlier bullish momentum. Support appeared around the $0.1780-$0.1800 band, where buyers temporarily stabilized the price after the breakdown.
- Whale activity led order flow throughout the session, with inflows into the exchange accelerating during each rejection attempt.
- The timing of these shifts coincided precisely with intraday volume surges, proving their influence on Doge’s downward trajectory.
Technical Analysis
- The Doge structure shows a clear transition towards a distribution phase, with momentum oscillators turning bearish and price failing to recover above support levels.
- The breakdown below $0.18 completed a short-term ascending wedge failure, confirming the continuation of the downside. The volume analysis shows a distribution of institutional scale, with 1.17B turnover representing a 44% advance above the weekly averages.
- Technical resistance has changed to $0.1950-$0.1970, while immediate support now lies near $0.1780-$0.1800.
- The overall intraday range of 8.9% highlighted volatility consistent with the love of leveraged positions.
- The momentum reversal continues on lower timeframes, suggesting a further drop towards the $0.166 zone if current levels do not hold.
What traders are watching
- Traders are focused on whether DOGE can defend the $0.18 base after a lot of whale-led selling. Relief rallies towards $0.181-$0.182 are expected to meet selling pressure, with liquidity likely concentrated below prior resistance.
- Derivatives data shows futures open interest at 61% from October highs, indicating an exit by leveraged participants but reaccumulation has not been confirmed.
- Despite seasonal optimization for the Q4 Meme Coin Rallies, the Doge market structure remains fragile, and near-term sentiment skews defensive until a confirmed retracement above $0.19 restores technical stability.
