Dogecoin is once again at a critical stage, its biggest holders reducing their exposure, while market signals indicate a risk of additional decline. Doge, the same, which reached a higher multi -year above this summer, is now faced with high sales pressure, declining network activity and lower lower technical configurations that could drop its much lower price.
In short
- Dogecoin whales reduce their assets while transfers of $ 200M to Binance arouse concerns.
- The number of active addresses drops from 674K in July to 58k, signaling a low request.
- DOGE could fall by 45 % if the local key support almost $ 0.218 is broken.
Whales allege Doge due to a low-chain activity
Dogecoin has dropped more than 24 % since reached $ 0.28 on July 21, whales taking measures to reduce their assets. Santiment data show that portfolios containing between 10 million and 100 million Doges have decreased by 6 % since the end of July. This reduction suggests that large holders limit their exposure during the recent drop.
A transaction identified by Whale Alert revealed that 900 million Doge, worth more than $ 200 million, were transferred to Binance. Such significant transfers often increase market concerns about increased sales pressure. When the whales send tokens to exchange platforms during a drop in prices, this generally signals an expectation of additional weakness.
The open interest in Dogecoin's term contracts has also decreased. According to CorciLass, the Future OI increased from $ 5.35 billion on July 22 to 3.24 billion at the end of August. This drop of 8 % since Sunday reflects a lesser speculative activity, with fewer traders positions for short -term gains.
At the same time, the number of daily active addresses on the Dogecoin network has dropped sharply. Glassnode data show that This figure fell to around 58,000against 674,500 in July and 1.65 million at the end of 2024. This decrease suggests a decrease in the participation of private investors.
The technical configurations suggest a deeper drop potential
From a technical point of view, the evolution of the Dogecoin price is marked by an ascending corner configuration. This training, defined by converging trend lines with higher ups and higher stockings, is generally considered to be lower when the momentum is weakening. DOGE is now testing the lower area of the area around $ 0.218.
If the price breaks this level of support, the technical analysis suggests a potential fall up to $ 0.12. This objective would represent a drop of 45 % compared to current levels. Analysts warn that rupture of the local support could trigger a wave of sales activity.
Momentum indicators also indicate weakness. The relative force index (RSI) went from 85 at the end of July to around 49, showing reduced purchase pressure. A sustained drop in RSI could strengthen the possibility of additional drops.
Market observers note that a lack of continuous demand, combined with the relief of whales, creates conditions where the lowering signals could dominate. The drop in active addresses and incoming flows on exchange platforms also supports the possibility of a persistent lower lower risk.
Consolidation offers breakage potential but resistance remains key
Despite the lowering signals, analysts also highlight short -term consolidation that could lead to a break. Dogecoin is negotiated in a narrow range between $ 0.20 and $ 0.24, forming what some observers describe as a symmetrical triangle. Such configurations often precede steep movements in one direction or the other.
Ali Martinez, a very followed analyst, noted that“A clear break above 0.23–0.24 $ with volume could open objectives like 0.25–0.30 $. »» He added that possible increases up to $ 0.36 is possible if the momentum is strengthening and buyers regain control. However, he also warned that a failure at this level could quickly bring DOGE back to $ 0.21.
Other analysts have pointed out the Stochastic and MacD oscillators, which show mixed signals. The MacD line has crossed above the signal line, suggesting a certain bullish momentum, although the histogram remains neutral. The Stochastic indicator also suggests that occurring conditions could trigger a rebound towards resistance.
Analysts suggest that a potential breach depends on the whales stopping their sales and a rebound in the participation of private investors. Coinglass data show that exchange exits have exceeded the inputs for most of August, signaling a short -term sales pressure reduction.
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