DOGE recently tested a key support level for 2024, while large volume has dropped to a 60-day low. According to crypto assets analyst Ali Martinez, DOGE whale volume has plummeted from a recent peak of 38 transactions to only 4 transactions. This change comes at a time when DOGE shows signs of a short-term rise, raising questions in the market about the sustainability of the pump.
The technical analysis shows that the trading price of DOGE is below the 200-day moving average, close to the support level that has been tested twice this year. The Relative Strength Index (RSI) has remained negative since the rise from June to September, indicating a weakening market momentum. Despite a recent price rebound, the trading activity of large holders has significantly decreased, suggesting an increase in market cautiousness.
Since its establishment in 2013, DOGE has experienced multiple price fluctuations, often influenced by discussions on social media and Whale trades. Currently, the decline in Whale volume contrasts sharply with the peak periods of the past few months, where large transactions were nearly ten times that of the current levels. The market is focused on whether DOGE can hold its key support level and whether large trader activities will become active again, thereby determining the short-term price trend.
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