- Dogecoin’s failed breakout at $0.24 confirms strong bearish momentum and seller dominance.
- Over 40M DOGE sold by whales recently, marking a sharp exit and signaling downside pressure.
- $0.1996 remains a critical support zone, with 12.7B DOGE acquired near this level.
Dogecoin (DOGE) is feeling the heat, slipping to $0.2288 after a rough week of losses. With $0.24 acting like a brick wall, traders are now watching $0.19 as the next big support to hold.
Technical Breakdown Signals Continued Bearish Pressure
A fresh 4-hour chart analysis of DOGE/USDT on Binance by market analyst Ali Charts reveals a bearish market structure firmly in play. The price, currently hovering around $0.229, has consistently failed to reclaim the crucial $0.24 mark—a level previously serving as solid support.
Since topping near $0.30 earlier this month, DOGE has been carving out a pattern of lower highs and lower lows. The most recent rejection from $0.24 confirms the area has flipped into resistance, solidifying bearish momentum.
Dotted projections on the chart suggest a stair-step decline may unfold. The first downside target lies between $0.214 and $0.208—a former support zone. Should that break, the next major area of interest lies near $0.19, a historically strong level with solid buyer interest.
Whale Sell-Off Aligns with Technical Breakdown
Adding fuel to the decline, on-chain data from Santiment, also shared by Ali Charts, shows large wallets offloading DOGE aggressively. Over the past 24 hours alone, more than 40 million DOGE was sold by holders with 1M–10M coins, signaling an ongoing distribution phase.
The data reveals a clear accumulation-to-distribution cycle. Whales accumulated steadily through late August to early September—just before the rally. As prices spiked toward $0.29, selling picked up pace, aligning with DOGE’s current retreat.
This kind of strategic exit typically signals that informed money sees limited upside in the near term. With this group actively reducing exposure, the selling pressure remains dominant.
$0.1996 Emerges as a Critical Support
Further insights from Glassnode’s URPD chart,highlight $0.1996 as a major line in the sand. Over 12.7 billion DOGE, or 8.46% of the supply, was acquired at this price level. It’s the most significant concentration of holding outside of the sub-$0.02 range.
This level holds psychological and technical significance. If price approaches this area, many holders may defend their breakeven, possibly sparking a short-term bounce. But if this support breaks, it could open the floodgates for panic selling and deeper corrections.
With most DOGE supply still sitting in profit, a sustained break below $0.20 could shift sentiment quickly from neutral to bearish.
