Over the past 24 hours, the price of Dogecoin (DOGE) fell another 10% to $0.17, marking a weekly decline of more than 27%, as on-chain data showed whales were unloading around 360 million DOGE ($74 million).
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The selloff came despite positive headlines about House of Doge’s plan to merge with a Nasdaq-listed company and Thumzup’s investigation into DOGE creator payouts.
The initial excitement quickly faded as traders labeled both developments as early stage rather than having an immediate impact on earnings, leaving profit-taking in thin liquidity. The broader crypto weakness, which also saw Bitcoin and Ethereum retreat, intensified pressure on higher-beta meme coins like DOGE.
DOGE's price trends to the downside on the daily chart. Source: DOGEUSD on Tradingview
Dogecoin (DOGE) levels indicate support at $0.17 and resistance at $0.21-$0.23
Technically, DOGE tests a make-or-break band near $0.17-$0.19, the lower bound of a multi-week channel highlighted by several analysts. Holding this area could trigger a recovery towards $0.21-$0.23, while a dense cluster of moving averages and prior supply capped any rebound this month.
A daily close above $0.221–$0.23 would negate the short-term bearish structure and provide room towards $0.25–$0.26, while failure to defend $0.17 risks dropping to $0.16–$0.15.
Momentum gauges are cautious as the RSI hovers around 45, indicating declining purchasing power, and derivatives show mixed positioning, futures volume is rising, but open interest and funding are largely neutral, implying traders expect volatility without a clear guiding belief.
Which could reverse the trend
For a sustainable recovery, DOGE needs follow-on catalysts, not just headlines. Clear timelines for the merger between the House of Doge and Nasdaq (treasury operations, treasury size, revenue model) and a formal launch of Thumzup’s DOGE payouts would help turn stories into flows.
On-chain, a slowdown in whale distribution and renewed foreign exchange outflows would tighten circulating supply, while spot market bid depth needs to improve around $0.18-$0.19 to absorb shocks. Macros still matter: an easing of tariff rhetoric between the US and China, an improvement in risk appetite and more stable BTC dominance could revive meme liquidity.
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If bulls defend $0.17 and regain $0.21-$0.23 on rising volume, another run towards $0.25-$0.33 is on the table. If not, the short-term path of least resistance remains lower. For now, traders are treating rallies as tactical, and investors are looking for confirmation signals before retreating to the long-term $1 dream.
Cover image of ChatGPT, DOGEUSD chart from Tradingview