Dogecoin Whales Shake the Network: DOGE Price Eyeing 59% Crash?

Dogecoin (DOGE) is going through a hard time as the price has recently fallen below an age-old ascending parallel channel, which indicates a major technical change in the entire Dogecoin network. This led to speculations concerning possible support levels at $0.06167 and $0.060, and a further 59% price drop at this level. Concurrently, some whale activities have occurred, including a significant transfer to Binance, which has also contributed to the uncertainty. On the contrary, a recent sign of bullish divergence gives some hope for recovery, making this a key crypto news moment for investors concerned with tracking DOGE price action.

Dogecoin Price Plunges Amid Technical Shifts and Whale Activity

Dogecoin’s (DOGE) price varies tremendously now, which analysts have foreseen to drop up to 59% if a breakdown happens below a very old ascending parallel channel. However, this entire technical change in the Dogecoin network happens with rejection from the Fibonacci 0.786 retracement level at $0.16395, a bearish signal. Major supports are seen at $0.06167 and $0.060, below which more declines may follow.

On top of that uncertainty, a whale dumped 300 million DOGE, $41.7 million, to Binance, spurring fears of a more significant selling pressure. These push signs for pessimism, but some indication of improving behavior emerges as a bullish divergence pattern forms on the daily chart, suggesting waning selling pressure and speculating on a reversal.

Currently, DOGE is testing the $0.135 price point as it has had historic support and resistance. The view is that holding above it will prompt a recovery which analysts expect to push prices toward $2 in the long run. Failure may reduce the price further down to $0.12 or as low as $0.10. 

Doge Price Trend of Last 24 Hours

DOGE Price has recently made a break upward from the lower range but came across resistance at about $0.155. Meanwhile, $0.130 is a strong support, with buyers showing interest in this range. The current price action is around $0.148, indicating consolidation between these levels. Most of the indicators show no clear market direction. In the MACD chart, several death crosses have been followed by golden crosses, indicating changing market momentum. Exhibit death crosses demonstrate bearish sentiment with potential correction; golden crosses prescribe short-lived bullish recoveries. 

Chart 1, analysed by Anushri Varshney, Published on TradingView, April 8, 2025

Similarly, RSI movements have overtly bounced from overbought to oversold zones, showing saturation within the market and short-term reversal. For this moment, Dogecoin is under pressure from bearish patterns. A robust break above resistance at $0.155 is necessary for maintaining bullish momentum. Failure will pressure key support at $0.130 with retests, possibly even lower. These movements fit in line with a recent proposal for a potential bearish continuation or recovery depending on whale activity and general market sentiment. Waiting to analyze traders for sustained volume/price action and key breakout levels to determine whether Dogecoin might rise from here or continue to dip has marred its outlook.

Dogecoin at a Crossroads: Will Volatility Trigger a Major Price Move?

The doge price remains uncertain as it continues to deal with volatility. Analysts predict a very broad outcome range for 2025, with some forecasts claiming DOGE can reach $1.72, while others think it might fall to $0.81. However, the crypto news reveals the speculation and having very little real-world adoption makes it challenging for sustained growth. According to technical indicators, the current sentiment is bearish, but there are signs of a bullish divergence that encourage a reversal. As the market continues to develop, investors are keeping a close watch on key levels and whale activities to determine the Dogecoin network in the future.