Dogecoin Faces Breakdown as Long-Term Holders Accelerate Sell-Off

TLDR

• DOGE fell nearly 27% in November despite a weak early bounce.
• Long-term holders offloaded 22 million DOGE on October 31 alone.
• Key $0.17 support holds 3.78B DOGE but is weakening under pressure.
• A looming 100-200 EMA death cross signals deepening bearish trend.

Dogecoin’s price is under pressure after a weak bounce in early November. Despite a short-term uptick of 1.2%, the token has fallen nearly 27% since the start of the month. The sell-off has gained momentum as long-term holders begin to exit their positions. On-chain data now shows clear bearish trends that may put the $0.17 support level at risk.

Long-Term Holders Are Offloading DOGE

On October 31, the Hodler Net Position Change metric recorded a sharp reversal. It dropped from an inflow of 8.2 million DOGE to an outflow of 22 million DOGE within 24 hours. This swing of over 367% indicates long-term wallets are now moving their tokens out of storage.

Glassnode data shows that this is the most notable shift in DOGE holder behavior in recent weeks. These wallets have historically acted as a price buffer, often providing support during market stress. However, continued outflows from long-term holders can weaken this layer of defense.

 Source: Glassnode

Long-term holder activity often signals broader market sentiment. If wallets that previously showed confidence start selling, it raises concerns about the token’s ability to hold key levels. The support near $0.17, backed by older wallet holdings, could break if selling pressure stays high.

Weak Support Between $0.177 and $0.179

According to on-chain cost basis data, the strongest short-term support cluster is located between $0.177 and $0.179. Around 3.78 billion DOGE were last moved in this zone. This area has been acting as a buffer against falling prices since early October.

This support zone has helped DOGE remain above $0.17 in past pullbacks. However, the recent increase in outflows may reduce the strength of this buffer. If the volume of tokens sold from this group increases, the support zone could fail.

Source: Glassnode

Below $0.17, the next major accumulation zone sits near $0.14. There is limited historical buying between these levels, which could result in faster price drops if the current support is lost.

Death Cross Signals Further Downside

DOGE’s technical indicators also suggest a bearish trend. A 50-day EMA dropped below the 200-day EMA in late October, which marked the start of the current downtrend. Now, a more serious signal is forming as the 100-day EMA approaches a cross below the 200-day EMA.

This pattern is commonly known as a death cross. It reflects growing weakness over longer time frames and often triggers extended price declines. If the 100–200 EMA crossover confirms, traders could expect more downward movement.

Source: TradingView

The presence of a second death cross, following the earlier one in October, supports the negative outlook. These indicators show that selling may continue unless buyers step in with strong volume.

Price Range and Key Levels to Watch

DOGE is currently trading around $0.18. It remains below immediate resistance at $0.20 and $0.21. The token has not closed above $0.21 since mid-October. A daily close above this level would be required to shift the current market structure.

Until then, bearish momentum is likely to remain. If the $0.17 zone fails, DOGE could drop to the next cost-basis support near $0.14. That move would reflect a near 6% decline from current levels. With long-term holders continuing to sell, and technical signals turning negative, traders will be watching closely.

The post Dogecoin Faces Breakdown as Long-Term Holders Accelerate Sell-Off appeared first on CoinCentral.