Dogecoin fell more than 11% this week, trading near $0.085 on Friday as declining balances among large wallets and weakening momentum added to the pressure on DOGE. The token is now testing support around $0.084, a level that could determine whether the decline deepens.
Data from Santiment shows that wallets holding between 1 million and 10 million DOGE, together with those holding between 10 million and 100 million DOGE, reduced their combined balances by approximately 100 million tokens since Tuesday. The movement may indicate that some large holders are taking profits or reducing exposure, although wallet-balance changes alone do not confirm that the tokens were sold on the market.
Derivatives signals remain mixed
Other market indicators point to continued caution. CryptoQuant’s summary data highlights overheated conditions in both spot and futures markets, as well as large orders and sell-side dominance in futures trading. Those signals suggest that selling pressure remains significant while DOGE is close to its immediate support zone.
Derivatives positioning, however, is less decisively bearish. CoinGlass recorded a DOGE long-to-short ratio of 0.90 on Friday, close to its highest level in more than a month. Funding also remained positive at 0.0010%, meaning long traders were paying short traders to keep their positions open. The figures show that some market participants are positioning for a rebound, but they do not establish that buying demand is strong enough to reverse the broader decline.
Technical levels to watch
DOGE is trading just above trendline support near $0.084. A daily close below that level could expose the token to a move toward $0.078, while a deeper correction would bring the next major support near $0.070 into view.
Momentum indicators remain weak. The Relative Strength Index is near 40, below its midpoint, while the Moving Average Convergence Divergence line is below both zero and its signal line. DOGE is also below several key exponential moving averages. Initial resistance sits near the 100-day EMA at $0.086, followed by the 50-day EMA and horizontal resistance around $0.088. A stronger recovery would require a move above the 200-day EMA near $0.093 and then the resistance zone around $0.102.
For now, the contest between support at $0.084 and the overhead moving averages is likely to shape DOGE’s next move after its sharp weekly loss.
