Dogecoin Price Prediction: Will 300M Whale Dump Push DOGE Below $0.10?

Dogecoin (DOGE) price faces increasing pressure as significant whale sell-offs weigh on the price and technical support weakens.

In the past 48 hours, whales have sold over 1.32 billion DOGE, bringing the price close to critical levels.

As DOGE price tests these zones, a breakdown is becoming more likely, with the potential for further declines unless the market shows signs of reversal.

Whales Dump 1.32 Billion DOGE in 48 Hours

According to crypto analyst Ali, whale investors holding over 1 billion DOGE have offloaded more than 1.32 billion tokens within two days.

This sharp sell-off has caused a noticeable shift in market sentiment, often an indicator to further price declines.

Charts reveal that as whale holdings dropped, Dogecoin price dropped from the $0.18–$0.20 range to approximately $0.14.

Each recovery attempt has been met with lower volume, signaling that demand is weakening in response to the increasing supply.

This distribution pattern leads to a worse situation as most traders find it hard to deal with large selling pressure.

The price is still hovering at $0.14, which could easily break if there isn’t any demand or an influx of buying pressure to support its price

Dogecoin Price Approaches Key Trendline at $0.13

Interestingly, Ali’s analysis identified a rising trendline, respected by the top meme coin since October 2023, intersecting with the 61.8% Fibonacci retracement level at $0.13.

This makes it an important level to watch since it provides a strong technical support for DOGE.

Historically, DOGE price has reversed trends from this trend line, thus, the $0.13 level exhibits structural support.

Yet, the recent trend is pushing DOGE precisely to this level, which contributes to volatility.

A failure of $0.13 would signify yet a higher low and thus increases the prospect of further declines.

Break Below $0.13 Could Trigger Panic Selling

Conversely, a drop below the $0.13 support level would invalidate the multi-month bullish structure that has characterized DOGE price action.

This could trigger a move toward deeper support levels, with the next significant zones being around $0.10 and $0.085, which were previously tested in 2023.

The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) both indicate the presence of bearish pressure.

Recent price movement has been more oriented to the downside movements as volume weakens on the upward movements. This may signal a further sell off as the market breaks the $0.13 support level.

Dogecoin Price Needs Volume Surge and Trendline Recovery

For the market to move higher, Dogecoin price has to break above $0.15 with good support at $0.13.

This would only continue to signal that the sell-off has been absorbed and that further movement up is possible.

Conversely, about the recovery reversal, it would require a significant crossing above $0.18 to push Dogecoin towards the $0.22 range.

However, given the current volumes and the sustained presence of whales, a recovery will probably be driven by a shift of sentiment and demand from buying interest.

Wyckoff Accumulation Pattern

Additionally, Trader Tardigrade claimed that based on Dogecoin price action, the asset looks to be in the Wyckoff Accumulation phase, which points toward a bullish breakout.

Tardigrade believed that DOGE price recently tested the $0.142 support level, which greatly affects the further uptrend in DOGE.

According to Tardigrade, DOGE price has now entered the phase D in the Wyckoff model, which is characterized by higher lows and Last Points of Support (LPS) before a subsequent rally.

If the price can break above the $0.178 resistance level, DOGE may get started on its way higher with $0.21 as its next target.

However, Tardigrade warned that failing to hold $0.142 support could undermine the bullish outlook, resulting in deeper retracements.

The coming days will be essential for determining whether Dogecoin price can hold the current support and initiate a fresh upward trend.