Dogecoin Drops 5% as Whales Dump $440M, Bearish Technicals
Dogecoin fell 5% to $0.16 on November 6 after failing to hold $0.18 support, driven by large whale distribution of over 1 billion DOGE (~$440 million) and institutional selling. Trading volume surged 94% above average, pushing prices to a session low of $0.1528 before a brief rebound capped at $0.17. On-chain data confirmed substantial outflows from large-holder wallets. Technical indicators remain bearish: Dogecoin has formed lower highs and lower lows, hourly momentum oscillators are negative, and the daily RSI sits below 40. Traders eye immediate support at $0.1550–$0.1555, with a break potentially targeting $0.1520–$0.1500. A sustained move above $0.1630–$0.1650 is needed to challenge the descending trend. The sharpest decline since 2020 reflects a shift in institutional focus towards Bitcoin and Ethereum, undermining confidence among top holders.
Bearish
The combined news of significant whale distributions, institutional selling, and breach of key support levels indicates continued bearish momentum for Dogecoin. Large outflows and 94% surge in trading volume during the sell-off underscore strong downward pressure. Negative technical indicators—lower highs/lows, negative momentum oscillators, and RSI below 40—suggest limited short-term upside, with immediate support at $0.1550–$0.1555 at risk. Unless Dogecoin rallies above $0.1630–$0.1650 to break the descending trend, the path remains downward, reflecting the shift of institutional interest towards BTC and ETH.