Dogecoin slides toward $0.10 as large investors cut exposure and bearish bets build
- Dogecoin has extended its selloff, with bears targeting $0.10 as on-chain and derivatives data turn bearish.
- Large wallet holders are trimming DOGE positions, while short bets rise and retail interest fades.
- A hold above $0.12 could spark a relief rally toward $0.15–$0.18, but downside risks remain elevated.
Dogecoin (DOGE) fell 3% on Thursday after falling about 4% in the prior session.
The share of DOGE supply held at a profit has declined as large wallet holders reduce their positions.
Derivatives market data points to a rise in bearish bets alongside waning retail participation.
From a technical perspective, Dogecoin shows a bearish bias after slipping below its April low, with downside risk extending toward the $0.1000 level.
Dogecoin sees weak investor interest
Data from Santiment shows that wallets holding between 100 million and 1 billion DOGE now control 34.77 billion tokens, down from 36.14 billion on December 1.
This investor group offloaded more than 1 billion DOGE on December 10 and has since kept holdings broadly unchanged.
At the same time, the share of Dogecoin’s supply in profit has slipped to 50.70% from a December 3 peak of 53.95%, pointing to a gradual softening in demand.
In derivatives markets, Dogecoin has also lost momentum.
CoinGlass data shows that short positions in DOGE derivatives have risen to 53.91% from 52.59% on Wednesday.
The increase in bearish positioning signals growing sell-side pressure and coincides with the liquidation of more than $5 million in DOGE long positions over the past 24 hours.
Dogecoin price extends losses towards $0.12
Dogecoin has experienced a notable decline in recent sessions, slipping below key psychological levels and extending its losses into the $0.12 range.
As of writing, DOGE traded near $0.125, reflecting a roughly 10% drop over the past week and 19% down over the month.
The last 24 hours performance is a continuation of the downward momentum that began earlier in the month.
This pullback follows a brief period of consolidation above $0.14, where buyers attempted to defend higher ground.
However, increased selling volume and a breakdown across risk assets has seen Dogecoin dip below the $0.14 support level.
On-chain data reveals reduced supply in profit, with large wallet investors trimming positions.
Profit taking is contributing to the heightened volatility, with macroeconomic headwinds a notable factor.
The outlook is that crypto is facing an uneasy end to the year.
DOGE downside risk grows
Trading volumes have surged during downturns, indicating conviction among sellers.
The Relative Strength Index on daily charts has dipped toward oversold territory, signaling intense bearish pressure but also potential for a short-term rebound if buying interest emerges.
Nonetheless, the downside risk for Dogecoin appears to be escalating.
Analysts are increasingly targeting $0.10 as a plausible near-term support level if bears maintain control.
If DOGE sees a decisive close below the current support near $0.12, it could open the door to further declines.
On the flip side, a hold above $0.12 might stabilize the price and allow for a relief rally toward $0.15 and $0.18.
Investors should monitor key support levels closely, as a breach could confirm a deeper correction, whereas a bullish divergence in indicators might signal an impending turnaround.
The post Dogecoin slides toward $0.10 as large investors cut exposure and bearish bets build appeared first on CoinJournal.
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