Dogecoin (DOGE) Price News: Slides 7.5% to $0.18, Triggering Technical Breakdown

Dogecoin (DOGE) has recently endured a steep decline of 7.5%, falling to $0.18. This drop was marked by a significant increase in trading activity and heavy whale outflows, leading to concerns over its market stability. On-chain data indicated that over $29 million in large transactions contributed to the price drop, including a notable $26.8 million transfer to Binance from a whale wallet. The price fell from $0.1934 to $0.1803 during a volatile trading session, surpassing an 8.9% intraday range and seeing a 44% spike in trading volume. Technical analysis reveals that DOGE has encountered a distribution phase, with bearish momentum taken hold as the price failed to reclaim previous support levels. Current support is found between $0.1780 and $0.1800, while resistance has shifted to around $0.1950 to $0.1970. Traders are particularly focused on whether DOGE can retain this support base amid recent selloffs, with indications of potential further declines toward the $0.166 mark if current levels do not hold.

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