Dogecoin Price Forecast: DOGE falls to its lowest level this year

• A decline to a fresh yearly low of $0.066 on Tuesday leaves Dogecoin trading near $0.068 on Wednesday.
• Large whale sales of DOGE are adding to short-term selling pressure, according to Santiment data.
• Further downside remains a risk for DOGE as on-chain metrics weaken and the technical picture deteriorates.

Whale wallets are reducing their DOGE holdings, Santiment data indicates, adding to near-term selling pressure. Against that backdrop, Dogecoin (DOGE) stages a modest recovery to around $0.068 on Wednesday, having touched a fresh yearly low the day before. Deteriorating on-chain metrics, together with bearish technical signals, point to the risk of further declines for the meme coin.

Whales Reduce Their DOGE Holdings 

A cooling in whale activity is evident in Santiment’s Supply Distribution figures. Since 3 November, a combined 750 million DOGE tokens have been sold by whales holding between 100,000 and 1 million tokens (red line), 1 million and 10 million tokens (yellow line), and 10 million and 100 million tokens (blue line). Ongoing distribution by these whale wallets increases short-term selling pressure on the dog-themed meme coin.

On-Chain Indicators Point to Bearish Sentiment

Caution characterises the Dogecoin outlook in CryptoQuant’s summary data. Large whale orders and heating conditions are evident in both DOGE’s spot and futures markets, with sellers also dominant across the two. Taken together, these signals suggest a cautious, bearish bias among traders in the DOGE meme coin.

Dogecoin Technical Outlook: DOGE Trades Near a Fresh Yearly Low

Following Tuesday’s decline to a fresh yearly low of $0.066, Dogecoin trades at $0.068 on Wednesday. Its position below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) keeps the near-term bias bearish. These averages are grouped between roughly $0.079 and $0.088.

Momentum indicators continue to signal downward pressure rather than a clear reversal. The latest fall has pulled the Relative Strength Index (RSI) towards the low-30s, suggesting weakness without an extreme oversold reading yet. Meanwhile, the Moving Average Convergence Divergence (MACD) remains marginally negative beneath the zero line.

The first upside hurdle is horizontal resistance at $0.068, just above the spot price. Beyond that lie $0.077 and the 50-day EMA at $0.079, while the 100-day EMA at $0.081 provides an additional source of overhead supply. Further up, the 200-day EMA at $0.088 presents a more substantial barrier before stronger resistance at $0.102.

Initial downside support lies at the horizontal level of $0.065. Although momentum gauges are beginning to show signs of fading selling pressure, a decisive break beneath that floor would likely pave the way for the broader downtrend to continue.

(The technical analysis of this story was written with the help of an AI tool. Know more.)