Dogecoin at a Crossroads: Can the Meme Coin Shatter Its Bearish Streak Post-155M DOGE Sell-Off?

Dogecoin's latest price action has traders on edge—can the OG meme coin defy gravity after a brutal 155 million DOGE dump?

The charts don't lie: DOGE is painting a textbook bearish pattern that's making even the most ardent Shiba Inu fans nervous. With whale wallets emptying faster than a crypto bro's bank account during a bull run, the question isn't just about recovery—it's about survival.

Technical breakdown: That 155M sell wall didn't just appear out of thin air. Somebody knew exactly when to pull the rug—classic crypto casino behavior. Now DOGE faces its ultimate stress test: either bounce hard from support levels or become another cautionary tale in the meme coin graveyard.

Silver lining? The same volatility that crushed DOGE could launch it back up. Retail traders are already licking their chops at these 'discount' prices—because nothing says sound investment strategy like catching a falling knife.

Final thought: In a market where fundamentals are optional and Elon's tweets move markets, betting against DOGE has always been a fool's errand. But this time? The coin's fate hangs by a thread thinner than the whitepaper it never had.

Analyzing DOGE’s price momentum 

At press time, DOGE was trading NEAR $0.164 and has recorded an upward momentum of over 7% in the past 24 hours.

Earlier, the memecoin surged over 12%, hitting an intraday high of $0.1674 before pulling back.

At the same time, trader and investor activity declined, with trading volume dropping 10% from the previous day.

This dip in volume during a price rise signals weak momentum, raising doubts about the sustainability of the uptrend.

Whale dumps 155 million DOGE

Given the current market sentiment, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had dumped 155 million DOGE, worth $24.6 million, to Robinhood.

This dump followed the memecoin’s rally. However, it is not yet confirmed whether the transaction was intended for a sell-off. Shortly after the transfer, the price dropped.

$18 million worth of DOGE leaves exchanges – Time to buy?

In addition to this dumping, the current market structure suggests that investors and long-term holders are accumulating DOGE, as revealed by the on-chain analytics tool CoinGlass.

Data on spot inflows and outflows shows that exchanges across the crypto landscape have recorded an outflow of over $18.34 million worth of Doge in the past 24 hours.

Source: CoinGlass

This significant outflow suggests potential accumulation, which may ease selling pressure and limit further downside.

It also raises an important question: Is this a buying opportunity, or could prices fall even more in the days ahead?

Dogecoin’s technical levels

According to AMBCrypto’s chart analysis, DOGE appeared to be trading within a prolonged descending channel pattern.

The daily chart reveals that the memecoin is currently facing resistance at both the upper boundary of the channel and the horizontal level of $0.165.

Source: Trading View

If the current upward momentum holds and the asset breaks out of its channel, closing a daily candle above $0.17, it could pave the way for a rally of 20% to as much as 50%.