Dogecoin (DOGE) experienced a steep 8% intraday decline, falling to around $0.0022, before signs of whale accumulation helped stabilize the price. The drop followed weeks of consolidation, with the token struggling to regain upward momentum after multiple rejections near the $0.0027–$0.0030 resistance zone.
The price chart indicates that DOGE remains in a downward channel, with strong selling pressure each time it approaches the mid-range resistance highlighted in orange. However, the green support zone near $0.0019–$0.0020 continues to act as a key accumulation area for large holders, signaling that institutional traders may still view current levels as undervalued.
Technical Structure Shows Key Support Zones
The technical structure shows clear demand zones forming between $0.0018–$0.0020, where price bounced twice since mid-September. This region aligns with previous breakout levels from April, suggesting that buyers continue to defend long-term positions.
Trading volume has increased slightly, pointing to renewed accumulation activity, particularly from whales and institutional participants. If the current support holds, analysts expect a potential retest of the $0.0027 resistance, though the next major supply zone remains between $0.0045 and $0.0055, as shown in red.
A break above $0.003 could confirm a short-term bullish reversal, while a drop below $0.0019 might open the path toward deeper correction levels.
“Whale wallets have been steadily increasing their DOGE exposure during the recent pullback,” said a digital asset analyst at BitJournal Research. “This type of buying typically precedes short-term stabilization and sometimes major upside moves.”
Despite the short-term volatility, institutional sentiment remains positive. The ongoing DOGE-related ETF filings and new mining investments reflect confidence in Dogecoin’s long-term role as a utility and payment asset within the broader crypto ecosystem.
“Institutional investors are treating DOGE as more than a meme token—it’s evolving into an accessible liquidity bridge between traditional and decentralized markets,” noted one of BITX market strategist.
With whale accumulation, ETF interest, and support holding above $0.0020, Dogecoin could be setting the stage for a technical recovery in the coming weeks—provided market sentiment remains risk-on.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.