Dogecoin (DOGE) extended its weekly losses on Friday, sliding another 10% to trade near $0.17, its lowest level in over a month. On-chain data revealed that whales sold around 360 million DOGE, worth roughly $74 million, within a single day.
The selloff comes amid broader weakness across the crypto market, with Bitcoin and Ethereum also facing declines. DOGE, often seen as a high-risk, high-volatility asset, tends to move sharply in response to market sentiment shifts — and this time, large-scale selling by whales added further downward pressure.
Despite recent headlines about the House of Doge planning to merge with a Nasdaq-listed company and Thumzup Media exploring DOGE-based payouts for creators, traders appeared skeptical. Analysts noted that both developments are in early stages and unlikely to have an immediate impact on Dogecoin’s network or its revenue prospects.
Market Excitement Fades as Traders Take Profits
Initially, the news of a Nasdaq-linked merger and DOGE creator payouts boosted optimism across social platforms, sparking a brief price uptick earlier this week. However, as details remained scarce, traders shifted toward profit-taking, especially amid thin weekend liquidity.
Market observers noted that short-term traders used the news as an exit opportunity following recent volatility. Broader crypto weakness added to the pressure, as capital flowed away from speculative assets toward more stable positions in Bitcoin and Ethereum.
According to CoinMarketCap data, Dogecoin’s 24-hour trading volume rose by over 20%, signaling heightened activity but also suggesting that most of it came from sellers exiting positions rather than new buyers entering the market.
DOGE Tests Crucial Support Near $0.17–$0.19
From a technical perspective, Dogecoin is approaching a critical support zone between $0.17 and $0.19, which has historically acted as a base for short-term rebounds. Analysts consider this area a make-or-break level for DOGE, as losing it could open the door to deeper declines.
If bulls manage to hold this support, DOGE could rebound toward $0.21–$0.23, where multiple moving averages and prior resistance levels have repeatedly capped rallies in recent weeks. A decisive daily close above $0.23 could shift momentum back in favor of buyers, potentially pushing prices toward $0.25–$0.26.
On the downside, failure to defend $0.17 may trigger a move toward $0.16 or even $0.15, reinforcing the current bearish trend.
Momentum Weakens but Volatility Persists
Technical indicators reflect mixed sentiment. Dogecoin’s Relative Strength Index (RSI) is currently hovering near 45, indicating fading buying pressure but not yet oversold conditions.
Meanwhile, derivatives data shows a rise in futures trading volume, even as open interest and funding rates remain neutral. This combination points to short-term volatility without clear directional conviction, meaning traders expect big moves in either direction but lack confidence in sustained trends.
Market experts note that until DOGE breaks out of its current range, price swings between $0.17 and $0.23 may continue.
What Could Trigger a Reversal?
For a genuine and lasting recovery, Dogecoin needs more than headline-driven optimism — it requires concrete catalysts and stronger on-chain signals.
Analysts suggest that confirmation of the House of Doge–Nasdaq merger timeline, details about treasury operations, and a formal rollout of Thumzup’s DOGE reward system for creators could strengthen investor confidence.
Additionally, a slowdown in whale selling activity combined with increased exchange outflows — where DOGE moves from trading platforms to private wallets — could signal accumulation and reduced supply pressure.
On the macro side, easing U.S.–China trade tensions, improving global risk sentiment, and a more stable Bitcoin dominance ratio could also help support liquidity across high-beta assets like Dogecoin.
Short-Term Outlook: Range-Bound with Downside Risk
If bulls defend the $0.17 support zone and manage to reclaim the $0.21–$0.23 resistance range on strong trading volume, analysts believe DOGE could stage a gradual recovery toward $0.25–$0.33.
However, if selling pressure persists and the price slips below $0.17, the next likely destination remains $0.15, where deeper accumulation could begin.
For now, traders appear to be treating rallies as short-term opportunities, while long-term investors remain cautious, waiting for confirmation that the broader market has stabilized.
Despite current weakness, the $1 target that once defined Dogecoin’s peak enthusiasm remains a long-term aspiration for many community members. Whether that vision returns will depend on sustained ecosystem growth and a shift in overall crypto sentiment.
Post Views: 62
