Dogecoin News Today: Dogecoin Falls 15% to $0.23 as Retail Traders Take Profits, Analysts Eye $0.33–$0.40 Recovery

The Dogecoin price has retreated to $0.23 following profit-taking by retail traders, marking a 15% decline from its recent peak of $0.28 in early July [1]. This selloff has drawn attention to the cryptocurrency’s technical structure, with analysts identifying a potential double bottom pattern on the chart. According to Ali Martinez, a known crypto analyst, the current price has retested the neckline of this formation near $0.23. If this level holds, it could validate the bullish case, potentially propelling DOGE toward the $0.33–$0.40 resistance zone [1].

The broader market dynamics also reflect the token’s recent behavior. After reaching a 12-week high of $0.28, DOGE’s price oscillated between $0.26 and $0.27 before retracing to its current level. This pullback has coincided with increased accumulation by large holders. Santiment’s on-chain data reveals a shift in ownership: wallets holding between 100 and 10,000 DOGE—typical of retail investors—have seen a steady decline, while addresses holding 100 million to 1 billion DOGE—indicative of institutional or “whale” activity—have grown [1]. This suggests that smaller traders are locking in profits, whereas larger players are capitalizing on the dip, reinforcing the asset’s underlying support.

Technical analysis further bolsters the bullish outlook. Trader Tardigrade, another analyst, highlighted the weekly chart’s rebound from the lower boundary of an ascending broadening wedge. This pattern, he argues, signals a potential rally, with the upper border near $1.00 acting as a long-term target [1]. Such a scenario implies that the current correction could be a healthy consolidation phase rather than a trend reversal. The analysts’ optimism is grounded in the convergence of on-chain activity and technical indicators, both pointing to a possible resumption of the uptrend.

While the immediate challenge lies in sustaining the $0.23 support level, the broader narrative remains constructive. The interplay between retail selloffs and whale accumulation underscores a dynamic market structure, where short-term volatility is being counterbalanced by strategic buying at lower prices. If this pattern persists, DOGE could regain momentum, provided the critical support holds. The coming weeks will likely determine whether the price consolidation leads to a sustained rally or a deeper retracement.

Source: [1] [Retail Selloff, Whale Accumulation: DOGE Price at a Crossroad] [https://coinpedia.org/price-analysis/retail-selloff-whale-accumulation-doge-price-at-a-crossroad/]