Dogecoin Price Forecast: What next as DOGE falls to a new yearly low?

• Following a decline to a fresh yearly low of $0.066 on Tuesday, Dogecoin is trading near $0.068 on Wednesday.
• Near-term selling pressure is building as large whales sell DOGE, according to Santiment data.
• Further downside remains a risk for DOGE as on-chain indicators weaken and the technical picture worsens.

Selling pressure continues to weigh on Dogecoin (DOGE), although the token has staged a modest recovery to around $0.068 on Wednesday following the previous day’s fresh yearly low. Whale wallets are reducing their DOGE holdings, Santiment data indicates, adding to near-term selling pressure. With on-chain metrics losing strength and technical indicators remaining bearish, the meme coin could see further downside.

Are whale sales adding to DOGE’s selling pressure? 

Whale activity is showing signs of cooling, according to Santiment’s Supply Distribution data. Since November 3, wallets holding 100,000 to 1 million tokens (red line), 1 million to 10 million tokens (yellow line), and 10 million to 100 million tokens (blue line) have reduced their holdings by 750 million DOGE tokens. Such sustained distribution by whale wallets increases near-term selling pressure on the dog-themed meme coin.

Do on-chain indicators point to a bearish bias?

Caution remains evident in CryptoQuant’s summary data for Dogecoin. Large whale orders and heating conditions are visible across both DOGE’s spot and futures markets, where sellers also dominate. Taken together, these signals indicate a cautious, bearish tilt in sentiment among traders of the DOGE meme coin.

Dogecoin technical outlook: Can DOGE stabilise after a fresh yearly low?

A bearish near-term bias persists for Dogecoin, with the price at $0.068 on Wednesday following Tuesday’s fresh yearly low of $0.066. DOGE remains below its 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), which are grouped in a band of roughly $0.079 to $0.088.

Momentum has weakened with the latest decline, pushing the Relative Strength Index (RSI) towards the low-30s. This suggests weak conditions, though not yet an extreme oversold reading. Meanwhile, the Moving Average Convergence Divergence (MACD) remains marginally negative beneath the zero line, pointing to continued downside pressure rather than a clear reversal.

The first upside hurdle is immediate resistance at $0.068, a horizontal barrier just above the spot price. Further resistance lies at $0.077 and the 50-day EMA of $0.079, while the 100-day EMA at $0.081 adds another area of overhead supply. Beyond these levels, the 200-day EMA at $0.088 presents a firmer ceiling before stronger resistance at $0.102.

Initial downside support lies at the horizontal level of $0.065. A decisive break beneath that floor would likely pave the way for the broader downtrend to resume, even as momentum indicators begin to suggest that downward pressure is losing strength.

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