Dogecoin extended losses through Tuesday’s session, plunging 6.8% to break below key $0.18 support as heavy whale outflows and elevated trading activity confirmed institutional distribution across meme coin markets.News BackgroundDOGE fell sharply from $0.1934 to $0.1803 over the 24-hour session, breaking through multiple support levels within an 8.9% intraday range. The move came amid a 44% jump in trading activity above the seven-day average, marking one of the largest single-day volume expansions this month.On-chain data revealed over $29 million in large transactions during the breakdown phase, including a $26.8 million transfer to Binance from a dormant whale address, coinciding with the session’s heaviest volume spike.DOGE’s 3.25% underperformance versus the broader crypto market underscored sector rotation and profit-taking behavior among institutional participants despite risk-on sentiment across major assets.Price Action SummaryPrice action carved a sequence of lower highs from the $0.1972 peak, confirming exhaustion of prior bullish momentum. Support emerged around the $0.1780–$0.1800 band, where buyers briefly stabilized price after the breakdown.Whale activity dominated order flow throughout the session, with inflows to exchanges accelerating during each rejection attempt. The timing of these transfers matched precisely with intraday volume surges, validating their influence on DOGE’s downward trajectory.Technical AnalysisDOGE’s structure shows a clear shift toward a distribution phase, with momentum oscillators turning bearish and price failing to recover above broken support levels.The breakdown below $0.18 completed a short-term ascending wedge failure, confirming downside continuation. Volume analysis shows institutional-scale distribution, with the 1.17B turnover representing a 44% surge above weekly averages.Technical resistance has reformed at $0.1950–$0.1970, while immediate support now lies near $0.1780–$0.1800.The total intraday range of 8.9% highlights volatility consistent with unwinding of leveraged positions.Momentum divergence persists on lower timeframes, suggesting further downside toward the $0.166 zone if current levels fail to hold.What Traders Are WatchingTraders are focused on whether DOGE can defend the $0.18 base after multiple whale-led selloffs. Relief rallies toward $0.181–$0.182 are expected to meet selling pressure, with liquidity likely concentrated below prior resistance.Derivatives data shows futures open interest down 61% from October highs, indicating the exit of leveraged participants but not yet confirming reaccumulation.Despite seasonal optimism for Q4 meme coin rallies, DOGE’s market structure remains fragile, and near-term sentiment skews defensive until a confirmed reclaim above $0.19 restores technical stability.
DOGE Slides 7.5% to $0.18, Triggering Technical Breakdown
