Memecoin is testing critical support after whale accumulation failed to offset accelerated technical deterioration and institutional selling pressure.
News context
• Whale cohorts have accumulated 4.72 billion DOGE (~$770 million) over the past two weeks despite falling prices.
• Speculation grows around Bitwise and Grayscale in preparation for one-time DOGE ETF filings
• BTC death crossover and extreme fear feeling pushes high beta assets like DOGE lower.
• Coin sector underperforms as cryptocurrency market cap loses 2% amid renewed risk aversion
Price Action Summary
• DOGE fell 5% from $0.161 to $0.153, breaking multi-session support.
• Volume soared to 1.264 billion tokens (+168% above average) as sales intensified
• The crisis accelerated during the London session as institutional flows dominated
• Temporary support formed at $0.1520, with consolidation now between $0.1534 and $0.1537.
• The multi-year ascending trendline is now decisively broken on the daily and monthly charts.
Technical analysis
Dogecoin’s technical structure quickly deteriorated as the price collapsed from the $0.1620 support that had supported the ascending channel over several months. The breakout occurred on institutional grade volume – a hallmark of structural, not speculative, selling. The magnitude of the volume (168% above average) reinforces that this was not a retail surge, but rather deliberate positioning changes by large players responding to broader macroeconomic weakness and the sentiment shock caused by the death of BTC.
Despite this disruption, underlying accumulation trends paint a more nuanced picture. Whale cohorts holding 100 million to 1 billion DOGE absorbed 4.72 billion tokens in the decline, creating a classic divergence in which smart money purchases collide with deteriorating chart structure. Historically, these divergences precede expansions in volatility and trend-setting moves.
Technically, DOGE has now fallen below its multi-year uptrend line for the first time since 2021 – a key psychological and structural level. This breakdown places increased importance on the horizontal support at $0.1520, which has held twice in the past 48 hours. A developing double bottom around $0.155 is supported by the RSI’s bullish divergence, suggesting that bearish momentum is slowing even as structural risks persist.
For the bulls, it is essential to recover between $0.159 and $0.160 to avoid further declines. For the bears, a failure below $0.1520 reopens the path towards $0.150, then $0.120, where multi-year volume nodes cluster.
What traders should pay attention to
Traders now find themselves at a decisive inflection point:
• $0.1520 must be held: a breakdown reveals a rapid move towards $0.150, then $0.120.
• Reclaiming between $0.159 and $0.160 would signal trend stabilization and neutralize immediate downside pressure.
• Whale accumulation remains a major wild card: sustained buying could favor ETF-driven catalysts.
• A confirmed double bottom above $0.155 could trigger a reversal towards $0.163, then $0.170.
• BTC’s deadly crossover and macro risk aversion conditions remain the main external obstacles.
