Dogecoin (DOGE) is trading near $0.075 on Monday, extending a slide that has now spanned five consecutive weekly declines. The meme coin has drawn some dip-buying from smaller whale wallets, but the largest holders are moving in the opposite direction, leaving the market without a clear signal that the selloff has run its course.

The divergence in whale behavior comes as on-chain trading indicators remain weak and DOGE continues to trade below all of its major moving averages. With sellers still active, the $0.068 support level could soon come into focus.

Large Whales Sell While Smaller Holders Accumulate

Data from Santiment's Supply Distribution dashboard shows that wallets holding between 10 million and 100 million DOGE have reduced their combined holdings by roughly 120 million tokens since Thursday. The reduction suggests some of Dogecoin's largest holders are scaling back risk exposure as the price continues to slide.

Wallet-size cohort data like this is a staple of on-chain analysis, because the flows of the largest holders can change how much of a token's supply is readily available to the market.

Not every cohort is selling. Over the same period, wallets holding 100,000 to 1 million DOGE and wallets holding 1 million to 10 million DOGE added a combined 100 million tokens. These smaller whale groups appear willing to accumulate at lower prices even as the broader trend remains negative.

The buying, however, has not fully offset the distribution by larger wallets. If that selling continues, DOGE may struggle to build the momentum needed for a sustained rebound.

CryptoQuant, an on-chain analytics platform, points in a similar direction in its market summary. Both spot and futures markets currently show large whale orders, elevated trading activity described as heating conditions, and sell-side dominance. Taken together, the signals suggest traders remain more inclined to sell than to chase a recovery. They do not guarantee further declines, but they help explain why Dogecoin has struggled to attract sustained buying interest.

DOGE Remains Below Key Moving Averages

DOGE is changing hands around $0.075 on Monday, below its 50-day Exponential Moving Average (EMA) at $0.082, its 100-day EMA at $0.083, and its 200-day EMA at $0.090. Those levels form a stack of overhead barriers that buyers would need to reclaim before the technical picture improves.

A descending resistance trendline near $0.079 presents the first test. The Relative Strength Index (RSI) sits in the mid-30s, reflecting weak momentum without yet flashing a decisive reversal. Readings below 30 are conventionally treated as oversold, so the current level signals persistent softness that has not yet reached that widely watched threshold. Meanwhile, the Moving Average Convergence Divergence (MACD) is hovering near zero with little directional strength.

A move above the descending trendline at $0.079 would be an early indication that buyers are regaining ground. DOGE would then encounter the 50-day EMA at $0.082 and the 100-day EMA at $0.083, where sellers could reappear. Additional resistance stands at $0.088 and at the 200-day EMA at $0.090. Only a stronger recovery through those levels would bring the more distant $0.1027 barrier into view.

On the downside, $0.068 is the next major support. A daily close below that level would weaken the chart further and leave DOGE exposed to additional losses, although the analysis does not identify a precise lower target.

For now, the split between whale groups offers little reassurance to bulls. Smaller holders are buying the dip, but larger wallets continue to distribute tokens, and the technical trend described in the analysis remains bearish. Whether DOGE can defend $0.068 may determine its next meaningful move.