- Dogecoin price fell 5% in 24 hours and is trading near $0.22.
- DOGE’s price action mirrors that of many altcoins as traders take profits.
- Analysts remain optimistic about DOGE as whale accumulation continues.
Dogecoin (DOGE) has seen a modest decline over the past 24 hours, dipping to around $0.22 following a technical breakdown of a chart pattern.
The meme coin’s movement reflects the broader recent price dynamics across the cryptocurrency market.
Bitcoin slipped below $117k and Ethereum retraced from near-record levels, contributing to market-wide profit-taking and short-term volatility.
While profit-taking has driven current downward pressure, analysts remain constructive on Dogecoin due to ongoing whale accumulation, expectations around spot ETFs, and the long-term trajectory of crypto assets.
Dogecoin price drops amid profit-taking
The recent drop pushed DOGE through a critical support level, driven largely by investors booking profits and lingering macroeconomic uncertainty.
DOGE had climbed to roughly $0.24 as bulls attempted a breakout after last week’s move up from a $0.21 low.
However, with some traders cashing out, the meme coin failed to hold above $0.24 and gave way to a wedge breakdown that accelerated the decline toward the $0.22 support area.
Bulls could face additional pressure toward the psychologically important $0.20 zone if selling intensifies.
Despite the bearish price action, on-chain data shows large investors buying the dip.
Whale wallets that historically acquire DOGE during price pullbacks have been adding to their holdings.
Aggressive whale purchases have lifted these wallets closer to the 100 billion DOGE level in recent weeks, and the trend has continued during the latest correction.
That accumulation could support a price recovery in time.
Nevertheless, the token would be vulnerable to a significant setback if the Dogecoin network were to suffer a successful 51% attack, which could undermine network integrity and investor confidence.
DOGE price outlook
Technically, the outlook for Dogecoin remains broadly bullish despite the recent 24-hour decline.
Over the past month, losses have grown to more than 12%, and a breakdown below the key $0.23 threshold opened the door to further downside risk.
DOGE has repeatedly struggled to decisively clear the $0.24 level.
That supply wall has limited upside, and bears have capitalized on the resistance to push the price lower.
The wedge breakdown suggests the next target could be $0.20 or lower if sellers maintain control.
Deterioration in overall market sentiment would embolden bears and increase downside pressure.
chart of DOGE from TradingView
On the flip side, bullish signals that could help buyers include a recently formed golden cross and ongoing whale activity.
Daily technical indicators show DOGE trading above the middle Bollinger Band and the MACD still supports a bullish bias, though the daily RSI points to persistent selling pressure.
If buyers reclaim $0.23, a retest of $0.40 and $0.65 could become possible. Some analysts still consider a move toward $1 in 2025 within the realm of possibility, contingent on sustained accumulation, favorable market conditions, and broader adoption catalysts.