Dogecoin continues to drift lower after weeks of muted trading activity, with the price sliding toward $0.155 at the time of writing.
Key Takeaways
DOGE continues to grind lower near $0.155, with technical indicators showing weak momentum
On-chain concentration shows 27.4 billion DOGE accumulated at $0.08, creating the strongest support base in the current cycle
Exchange supply has turned positive, a signal that has preceded major rebounds in past market phases
Sentiment is split: short-term action remains bearish while long-term accumulation trends are strengthening
Momentum indicators on the 4-hour chart show a lack of bullish conviction, as DOGE remains trapped in a descending pattern that has capped every breakout attempt since late October.
The Relative Strength Index has bounced repeatedly between 40 and 50, signaling neither capitulation nor strength. MACD momentum remains flat and slightly bearish, emphasizing the absence of strong buying pressure. The market structure points to consolidation rather than a confirmed reversal.
Despite the weak short-term picture, on-chain data paints a different story – one that suggests long-term holders are quietly positioning themselves.
$0.08 Emerges as the Most Critical Support Zone
A new distribution heatmap from Glassnode reveals that 27.4 billion DOGE were accumulated around the $0.08 level, making that price zone the most heavily defended base in the current cycle. The amount of supply concentrated there dwarfs major clusters at higher levels, implying that any retest near $0.08 could trigger powerful buying interest rather than panic selling.
27.4 billion Dogecoin $DOGE accumulated at $0.08, making it the most significant support level. pic.twitter.com/AIUpo5qOLn
— Ali (@ali_charts) November 19, 2025
Historically, Dogecoin rallies have often started after revisiting major cost-basis accumulation zones.
Exchange Supply Flips Positive — Historically a Rebound Signal
Another standout metric surfaced this week: net DOGE holdings on exchanges have flipped positive for the first time in months. Unrealized accumulation flowing onto exchanges is typically interpreted as positioning ahead of increased trading activity.
In previous cycles, a similar reversal in exchange supply marked the beginning of sharp price recoveries, as speculative interest returned after long accumulation phases. Traders who follow on-chain rotation patterns are now watching to see whether this uptick repeats past behavior.
Sentiment at a Crossroads
Short-timeframe indicators suggest that DOGE is still searching for direction, and price volatility has compressed to one of the lowest ranges of the year. However, on-chain metrics indicate that long-term positioning is far from deteriorating – and in fact appears to be strengthening.
Whether the market will respond immediately or require another dip toward stronger support levels remains uncertain. But the clash between negative short-term momentum and improving structural indicators suggests that Dogecoin may be approaching a pivotal inflection point.
