Dogecoin demonstrated a stabilization trend on Friday, following significant early volatility that saw its price plunge to $0.176 before making a recovery within a tighter range of $0.18 to $0.19. This 7% price movement came amid broader macroeconomic concerns and reports detailing large whale liquidations totaling over $74 million.
Throughout the early hours on October 17, 06:00 to October 18, 05:00 UTC, DOGE traded between $0.176 and $0.189, experiencing a 6.7% range. Trading volumes soared to over 1.4 billion during the 07:00 to 08:00 UTC sell-off, which established strong support around the $0.18 mark. The significant sell-off was attributed to large holders offloading around 360 million DOGE, equivalent to $74 million, coinciding with a 6% drop in the overall crypto market triggered by tariff news.
As the day progressed, Dogecoin showed a steady rebound, closing around $0.186 and forming higher lows throughout the afternoon sessions. The recovery reflects a gradual stabilization after the initial liquidation pressures, with market makers absorbing the selling supply near the $0.18 support level. Analysts have observed a remarkable concentration of bids around this critical price point, indicating an ongoing accumulation rather than capitulation.
In terms of technical metrics, the sharp decline from $0.188 to $0.176 at 07:00 UTC marked the day’s lowest point, followed by recovery throughout the mid-session where DOGE reclaimed levels between $0.184 and $0.187, maintaining these levels for the remainder of the day. The final trading hour saw testing of a low at $0.1853, reaching a volume spike of 10.5 million before bouncing back to $0.1862.
Support for DOGE is critical within the $0.175 to $0.180 range, where buyers actively defended lows. Resistance has emerged at the $0.188 to $0.190 zone, and any breakout here could signal a potential target of $0.20 or higher. The late-session tight range of $0.1860 to $0.1862, coupled with declining volume, suggests a pause in positioning ahead of potential market catalysts.
Traders are particularly focused on confirming $0.18 as a short-term base, renewed whale flows after the substantial liquidation, and any potential rotation into meme assets spurred by optimism around exchange-traded funds (ETFs) in the coming week. Furthermore, commentary from the Federal Reserve regarding tariffs and liquidity could significantly influence speculative flows in the crypto market, with a breakout above $0.19 viewed as a crucial trigger for a retest of the $0.20 to $0.21 range.
As the market navigates through these dynamics, there remain opportunities for Dogecoin to regain momentum, supported by key indicators that suggest preparedness for a potential rally.