Dogecoin faces more downside risk as major wallets offload 120M DOGE

At a glance:

• Dogecoin is changing hands near $0.075 on Monday, following five straight weekly declines.
• Since Thursday, addresses holding 10 million to 100 million DOGE have offloaded about 120 million tokens.
• Support to watch is around $0.068, while recovery attempts have resistance spanning $0.079 to $0.090.

Dogecoin (DOGE) has yet to stabilize on Monday, with the token hovering near $0.075 after five consecutive losing weeks.

Some smaller whale wallets have been stepping in to buy the dip in the meme token, but big holders are moving the other way, making it hard to tell whether the downturn is finished.

That divergence among whale cohorts is showing up while on-chain trading metrics stay soft and DOGE keeps trading beneath its main moving averages. With sellers still pressing, the $0.068 support zone could be tested before long.

Bigger Dogecoin wallets keep selling while smaller ones buy

According to Santiment's Supply Distribution data, the combined balance of wallets holding 10 million to 100 million DOGE has fallen by about 120 million tokens since Thursday. That distribution indicates some of the biggest holders are reducing risk exposure while the price keeps sliding.

The selling is not universal. Across the same stretch, wallets with 100,000 to 1 million DOGE and those with 1 million to 10 million DOGE added 100 million tokens in total. These smaller whale groups appear ready to accumulate at cheaper prices, even with the wider trend still negative.

The buying has only partially balanced the larger wallets' distribution. Should that selling carry on, DOGE may find it hard to build enough momentum for a lasting rebound.

CryptoQuant's market overview is just as cautious. Spot and futures markets alike show large whale orders, elevated activity described as heating conditions, and sell-side dominance.

Read together, those signals point to traders remaining more eager to sell than to chase a rebound. They do not ensure another drop, but they help explain why DOGE has had a hard time attracting steady buying.

DOGE remains beneath its main moving averages

On Monday, DOGE is near $0.075, beneath its 50-day EMA at $0.082, 100-day EMA at $0.083 and 200-day EMA at $0.090.

These EMAs create a sequence of overhead obstacles that buyers must recapture before the technical picture can improve.

The first challenge is a descending resistance line close to $0.079. RSI is still in the mid-30s, pointing to weak momentum with no clear reversal so far.

The MACD, meanwhile, is hovering around zero and showing little directional power.

A climb above the descending trendline at $0.079 would be an early indication that buyers are reasserting themselves. DOGE would then encounter the 50-day EMA at $0.082 and the 100-day EMA at $0.083, where selling could resume.

Beyond that, resistance sits at $0.088 and at the 200-day EMA of $0.090. A more powerful rally through those zones would be needed to make the far-off $0.1027 barrier visible.

Looking lower, $0.068 stands as the next key support level. A daily close beneath it would further undermine the chart and leave DOGE open to more losses, although the analysis provided does not give a specific lower target.

Bulls get only limited comfort from the current split among whale groups. Smaller wallets are buying the dip while larger ones keep distributing, and the technical setup stays bearish. Whether DOGE can protect $0.068 could shape its next meaningful move.