In latest Dogecoin news, DOGE price came under renewed pressure as whale selling accelerated late in September.
As per recent analyst observations, the $0.20 zone would decide whether the meme coin stabilized or will continue falling toward deeper levels.
Was whale selling a trigger for a wider correction, or only another short-term shakeout?
Why Dogecoin Price Is Under Pressure?
Whale trading added volatility to Dogecoin’s market structure. Analyst Ali Martinez reported that wallets holding between 1 million and 10 million DOGE sold around 40 million tokens within a 24-hour period.
Such concentrated moves carried enough weight to disrupt price stability. The sell-off coincided with Dogecoin price retreating from its mid-September peak close to $0.30.
By press time, the meme coin was trading near $0.22, having dropped through the $0.24 support zone.
Analysts said the decline highlighted the influence of large holders on short-term momentum.
Traders focused on the $0.20 area, where realized price distribution data showed strong accumulation.
More than 12.7 billion DOGE, that is 8.46% of the circulating supply, had been purchased near this level. Analysts said the concentration made $0.20 a key reference point.
A stable hold above $0.20 could allow the Dogecoin price to recover toward resistance zones at $0.24 and $0.27.
If the market falls below that level, panic selling could send prices closer to $0.15. Market participants, therefore, treated $0.20 as a decisive zone.
Dogecoin Price Finds Support At this Level
Technical indicators reinforced the picture described above. Trader Tardigrade noted that the 150-day exponential moving average (EMA) acted as a dynamic support line.
The Dogecoin price traded near $0.22 at the time of writing, close to the EMA level. An EMA smooths daily price data while giving more weight to recent trading.
Many analysts used the measure to gauge medium-term trends. For Dogecoin, repeated rebounds at the 150-day EMA suggested that buyers had consistently defended the line.
As long as daily closes held above the EMA, analysts expected consolidation with a modestly positive tilt.
If the Dogecoin price slipped under the line, pressure would likely shift toward the $0.20 support. A breakdown there could test whether long-term accumulation remained intact.
The EMA thus offered a second line of defense after the $0.20 accumulation cluster.
Traders monitored whether both levels held, as failure at either could shift sentiment from consolidation toward extended decline.
Looking Ahead to Potential Catalysts
Despite whale activity observed in recent Dogecoin news, the meme coin continued to attract liquidity. At press time, DOGE price stood near $0.23 — a slight increase from the previous day.
Daily trading volume exceeded $1.7 Billion, showing that participation remained high. Analysts also pointed to structural developments that could influence demand.
In another important update, the 21Shares spot Dogecoin ETF appeared on the Depository Trust & Clearing Corporation (DTCC) listing system, marking a procedural step toward broader integration with traditional markets.
Moreover, the US Securities and Exchange Commission reviewed ETF filings from Grayscale and Bitwise. Final decisions were scheduled for mid-October.
As per analyst comments, prior ETF approvals for other tokens had drawn institutional capital into digital assets, often reshaping demand and volatility patterns.
For Dogecoin, a confirmed ETF approval could provide an offset to recent selling. Broader access through regulated investment vehicles might support long-term interest, even if short-term flows remained volatile.
Dogecoin’s near-term trajectory rested on two key factors: defense of the $0.20 support and the outcome of pending ETF reviews.
Whale selling created pressure, but accumulation clusters and technical trend averages still acted as stabilizers.
Analysts said the interaction between these forces would determine whether Dogecoin consolidated or retested deeper levels in the weeks ahead.