Dogecoin Faces Breakdown: $0.17488 Next if Support Breaks

• Dogecoin whales sold more than 200 million DOGE within 48 hours, which spurred marketwide selling pressure.
• DOGE trades at $0.2144 with $32.25 billion market cap, facing downside toward $0.17488 support.
• Derivatives volume dropped 4.89% to $3.48 billion, while options trading plunged 58.26% to $359.56 million.

Dogecoin slipped lower today after large holders offloaded around 200 million DOGE within 48 hours, sparking renewed selling pressure. DOGE is now trading near $0.2144 with a 1.45% loss, analysts predicting further decline unless it recovers major resistance zones that might reverse the trend back to upside.

Source: CoinMarketCap

Whales Offload 200 Million DOGE

According to popular crypto analyst Ali Marteniz’s post on X, whales have sold more than 200 million DOGE over the last 48 hours. The sudden selling triggered panic by retail investors, sparking discussions about Dogecoin’s short-term outlook.

Source: X

Momentum Could Extend Toward $0.2557

Another analyst noted that Dogecoin is struggling to recover major resistance areas, which makes one wonder if it might descend further. According to the analysis, if DOGE continues to lose ground, the price could drift toward $0.19840, with a further possible dip to $0.17488 if support fails.

If DOGE price declines further than these areas, the next area of interest lies between $0.1427 and $0.1361, where a stronger reaction could be experienced. Significantly, the analyst also indicated that sudden wicks down below $0.1365, quickly reversing upward, could create favorable long entry setups for sidelined traders.

Source: X

Despite the bearish outlook, optimism remains if Dogecoin can reclaim and sustain levels above $0.2208. In this case, momentum could turn to $0.2557, which could be a sign of recovery. But the expert warned that confirmation signals needed to be closely observed before making any moves.

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Dogecoin Derivatives Indicate Weaker Momentum

DOGE derivatives slowed down as volume and open interest both declined further. Volume declined 4.89% to $3.48B, and open interest declined 3.70% to $3.30B. Activity declined much more significantly, with options volume down 58.26% to $359.56 million, yet options open interest increased 6.64% to $3.43M, showing some investors still speculating on future directions despite weaker activity overall.

Source: CoinGlass

The OI Weighted stood at 0.0065%, which indicates a market sentiment with low directional conviction. This indicates that despite some position accumulation, the investors are still cautious and not committing much to either side.

Source: CoinGlass

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