New Yearly Low for DOGE: Dogecoin Price Forecast

• $0.068 is Dogecoin’s trading level on Wednesday. The modest recovery follows Tuesday’s decline to a fresh yearly low of $0.066.
• Near-term selling pressure is building as large whales sell DOGE, according to Santiment data.
• Further losses remain a risk for DOGE as on-chain metrics weaken and its technical outlook worsens.

$0.068 is the level around which Dogecoin (DOGE) trades on Wednesday. The token is recovering modestly after setting a fresh yearly low the day before. Whale wallets are selling DOGE holdings, Santiment data shows, adding to near-term selling pressure. Weaker on-chain metrics and bearish technical signals also point to the risk of further declines for the meme coin.

DOGE whale holdings shrink 

750 million DOGE tokens have been sold by whale wallets since 3 November, according to Santiment’s Supply Distribution data. The metric points to waning whale interest across wallets 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). Continued selling by these wallets increases near-term downward pressure on the dog-themed meme coin.

On-chain readings point to bearish sentiment

A cautious picture for Dogecoin emerges from CryptoQuant’s summary data. Large whale orders and heating conditions are evident in both DOGE’s spot and futures markets, with sellers dominating each. Together, these readings indicate a cautious, bearish bias among traders of the DOGE meme coin.

$0.066 yearly low: Dogecoin’s technical outlook remains bearish

$0.068 is Dogecoin’s price on Wednesday, following a fresh yearly trough of $0.066 the previous day. Its position below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) maintains a bearish near-term bias. These averages are grouped at roughly $0.079 to $0.088.

Momentum readings offer little evidence of a decisive reversal. Following the latest decline, the Relative Strength Index (RSI) has slipped towards the low-30s, signalling weakness without yet reaching extreme oversold conditions. The Moving Average Convergence Divergence (MACD), meanwhile, remains slightly negative beneath the zero line, underscoring sustained downward pressure.

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

Horizontal support at $0.065 is the first downside level to watch. A decisive breach would likely allow the broader downtrend to continue, even as momentum indicators begin to suggest that selling pressure is losing strength.

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