Dogecoin (DOGE) is facing significant selling pressure as on-chain data from analyst Ali Martinez reveals that whales sold over 1 billion tokens in the past week, equivalent to approximately $440 million in a 72-hour period leading up to Halloween. This massive sell-off has contributed to a sharp price drop, with DOGE falling nearly 7% in the last 24 hours and almost 40% over the past 30 days. The price slid from $0.1843 to $0.1697, breaching multiple support levels and hitting new monthly lows.
Trading volume surged to $3.81 billion, levels not seen since early October, as sellers dominated the market. Martinez highlighted that DOGE broke down from an ascending parallel channel, signaling a potential major price move. If selling pressure persists, support levels at $0.16, $0.145, $0.125, and even $0.11 could be tested. Conversely, reclaiming the $0.18–$0.19 zone is crucial to invalidate the bearish setup and restore bullish confidence.
Technical indicators show the MACD histogram below the signal line, indicating a fresh downtrend, while the RSI nears the oversold threshold of 30, which has historically marked bottoms for DOGE. Wallets holding between 10 million and 100 million DOGE significantly reduced their balances, exacerbating the downturn. Despite the bearish outlook, historical demand zones at $0.12 and $0.09 may limit losses, and a bounce could potentially lead to a 190% rally toward $0.50 if momentum shifts.
Amid DOGE's struggles, alternative projects like PEPENODE and SUBBD are gaining attention. PEPENODE, a gamified mining project, has raised over $2 million in its presale, while SUBBD, an AI-powered content platform, has approached $1 million in funding, highlighting a shift toward utility-focused ventures in the meme coin space.
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