Dogecoin Declines Amid $1 Billion Sell-Off and ETF Uncertainty
Dogecoin (DOGE) is experiencing a downturn following heavy whale distribution and technical breakdowns, erasing recent recovery gains.
- Currently trading around $0.163, DOGE has decreased by 5%, breaking below critical support levels due to intensified institutional selling.
- On-chain data indicates that over 1 billion DOGE were sold last week, amounting to approximately $440 million in outflows.
- The sell-off followed failed attempts to break resistance at $0.18-$0.19, leading to a steep correction with trading volume surging 94% above average.
- Technical indicators like RSI at 40.5 and negative MACD suggest moderate bearish momentum.
Bearish Technical Breakdown:
- DOGE's price action shows a breakdown from a multi-week triangle pattern, with prices below major EMAs.
- $0.15 is identified as the next key support level, with potential further declines toward $0.13 if this zone fails to hold.
- Bulls need to reclaim $0.189 and maintain above EMA clusters for any reversal signals.
Dogecoin ETF Developments:
- Bitwise and Grayscale are progressing with Dogecoin ETFs under new rules, allowing automatic listing post-exchange standards compliance.
- Market enthusiasm remains subdued despite these developments amid ongoing price weakness.
In summary, unless buyers regain control above $0.165–$0.17, DOGE may continue its decline towards the $0.13–$0.10 range, potentially retesting multi-month lows.