Dogecoin Whales Dump 40 Million DOGE As Price Faces Key $0.216 Support Test

• Whales sold around 40 million DOGE in just 24 hours, adding pressure on the market.
• Short-term charts suggest a pullback toward $0.225–$0.216 before any recovery attempt.
• Weekly structure remains strong if support near $0.216–$0.209 holds, keeping $0.30 in play.

Dogecoin faced heavy selling in the past 24 hours after market analyst Ali reported that large investors unloaded about 40 million DOGE. This wave of distribution created fresh pressure on the price, which has already been showing signs of weakness on shorter timeframes.

Source: X

DOGE is currently trading around $0.230, positioned below its 20-day simple moving average of $0.256 but holding above its lower daily band at $0.218.

Indicators point to sellers being in control in the near term. The relative strength index (RSI) has slipped to 43 after dropping from the mid-50s, reflecting weakening momentum without reaching oversold conditions.

Meanwhile, the MACD has crossed into bearish territory, and the Awesome Oscillator has moved below zero, signaling increasing downside momentum. The Chaikin Oscillator also shows strong negative flows at -12.6 million, highlighting ongoing money outflows.

Source: Tradingview

Also Read: Dogecoin Breaks Key Level, Could Bounce Back From $0.20 Support

Dogecoin Short-Term Outlook Points to Pullback

Within the next one to two weeks, probabilities are in favor of a retreat back to the $0.225–$0.218 area. This area lies right on the daily lower band and also lies on the weekly 20-EMA, hence it’s a level that needs to be defended by bulls.

If this shelf holds good, DOGE should rebound back to the $0.245–$0.256 area of resistance, which is the mid-Bollinger band and also the 20-day SMA.

But if price movement further weakens and DOGE falls through $0.218 on the daily chart or drops through $0.209 on the weekly chart, steeper corrections are likely.

If that becomes the situation, then the Fibonacci level of $0.196 and even $0.188 could come into play, which also happen to correspond to longer-term moving averages.

Source: Tradingview

Long-Term Structure Remains Positive

Despite the short-term pressure, Dogecoin’s weekly chart remains in a positive structure. Prices are all above the 20, 50, 100, and 200-week EMAs, which lie at $0.225, $0.214, $0.188, and $0.154, respectively.

This maintains the long-term bull trend as long as the weekly support in the vicinity of $0.216 to $0.209 holds good.

If buyers can maintain control above that level, the path back to health becomes viable again, with $0.27, $0.285, and eventually the psychological $0.30 level as potential targets within the next four to six weeks.

Or, a breach of the $0.209 level on a weekly close should shift focus back to the $0.196–$0.188 range, which would suggest a much larger correction.

Also Read: Dogecoin Faces $0.22 Support Test After Sharp Pullback From Recent Highs