DOGE Under Pressure: Whales Offload as Key Support Level Approaches

TL;DR

• Dogecoin whales have resumed their selling spree, which could spell even further trouble for the meme coin’s future price trajectory.
• At the same time, a popular analyst outlined the next key support zone if the one DOGE is fighting for now cracks.

A lot can change in the cryptocurrency markets in the span of just a couple of weeks, and this is particularly true for the ever-volatile meme coin niche. The leader spiked to $0.31 on September 14, which became a multi-month peak, and the community was excited about the prospect of another run toward $0.50.

However, the tables quickly turned for the worse in the following two weeks, and DOGE plunged to $0.22 during this market-wide crash a few days back.

As of press time, DOGE sits at just under $0.23, which is beneath the coveted $0.24 support line. If the asset fails to reclaim the latter, its next crucial support lies at $0.19, which could serve as the last line of defense before another plunge toward $0.15.

https://twitter.com/ali_charts/status/1972096668578254954?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

Aside from the overall negative sentiment in the cryptocurrency markets in the past week, what’s also particularly troubling for DOGE’s price is the controversial behavior of whales.

These large market participants that can impact the markets in a few different ways with their actions have started to dispose of DOGE tokens. According to Ali Martinez, they have sold off 40 million coins in just a day during the market-wide crash, which is in stark contrast to their buying wave earlier this week.

Moreover, their holdings have dropped from over 11 billion tokens in mid-September to 10.75 billion as of now.

https://twitter.com/ali_charts/status/1971908177105993754?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

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