Jakarta, Pintu News – Dogecoin is currently struggling to maintain support at the psychological level of $0.20 amid heavy selling by large investors and the exit of leveraged traders. The Dogecoin (DOGE) price briefly hovered above $0.21 earlier this week, but has now fallen more than 2%, indicating mounting selling pressure in the market.

Whale Sales and Market Pressure

On-chain data shows that whales have sold more than 500 million Dogecoin (DOGE) tokens in the past week, sparking fears of further declines. These sales coincided with a sharp 61% drop in futures open interest, from $5.03 billion to $1.95 billion, signaling extensive position liquidation and trader fatigue.

Dogecoin’s (DOGE) 24-hour trading volume jumped 17.5% to nearly $2 billion, an indicator that sellers still control the market despite the overall market recovery stalling. This suggests that selling pressure is still very strong and could affect future price movements.

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Technical Analysis Shows Bearish Signal

Technical indicators show a similarly cautious picture. On the daily chart, the Dogecoin (DOGE) price formed a potential “death cross” pattern between the 50-day and 200-day exponential moving averages, a bearish pattern that often precedes further declines.

If the selling continues, analysts warn that the Dogecoin (DOGE) price could fall towards support at $0.166, which is in line with the lower limit of its long-term uptrend line. However, this trendline has historically triggered strong rebounds, with previous retests resulting in nearly 100% price recovery.

Consolidation or Collapse? Dogecoin (DOGE) Price Key Levels

Currently, the Dogecoin (DOGE) price is hovering near $0.20 with a market capitalization of $30.3 billion, still holding above the psychologically important zone but struggling to gain upward momentum. Immediate resistance lies between $0.204 and $0.210, while a firm close below $0.19 could accelerate losses towards $0.18-$0.166.

The balance between whale distribution and new buyer demand will determine the next move for Dogecoin (DOGE). If new inflows return and futures activity stabilizes, a recovery towards $0.23-$0.25 is still possible.

Conclusion

Without renewed conviction from large holders, the Dogecoin (DOGE) price risks prolonged consolidation, or a deeper retracement before the next bullish wave begins. Investors and traders are advised to monitor market indicators and current news to make informed investment decisions.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

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