Dogecoin Targets New Low As Whale Activity Drops: Here’s The DOGE Price Trend
Release: 2024/08/17 04:19 Reading: 610
Dogecoin Nears New Lows Amid Whale Activity Decline
Dogecoin, once embraced by prominent celebrities and a dedicated community, faces the threat of a substantial bearish pullback. Data analysis reveals a steep decline in whale activity, indicating dwindling interest from major holders. This trend, according to analysts, is a warning sign that could lead to a sharp drop in DOGE prices to record lows in the imminent future.
Whale Interest Dampens DOGE Prospects
Dogecoin's setbacks have intensified in recent times. The meme coin has lost nearly 17% in the last month due to increased selling pressure on price highs. Coinglass data points to a notable surge in liquidations of long positions in the past 24 hours, as DOGE failed to meet buyer expectations. Total liquidations exceeded $3 million, with buyers accounting for approximately $2.7 million in long position closures.
Analysts anticipate that the downturn may persist as sellers gain momentum. A bearish threat looms due to the significant drop in a critical on-chain metric. According to IntoTheBlock, the large transaction volume for Dogecoin has plummeted from a peak of $1.02 billion to a recent low of $437 million. This suggests a substantial reduction in whale investment in the meme coin market this week, attributed to low volatility and Bitcoin's decline below $60,000.
Large Trades Signal Investor Concerns
Traditionally, large trades indicate investor confidence in an asset's future. A decrease in these trades implies growing apprehension, hinting at expectations of a decline in asset value.
Additionally, DOGE's key metric, which monitors large holder activity to exchange flows, has witnessed a significant drop. This metric has declined nearly 400% in the past month, indicating that major investors are withdrawing.
DOGE Price Outlook
Dogecoin bulls attempted to drive prices above moving averages and $0.11 but encountered strong resistance from bears. Consequently, DOGE fell below immediate Fibonacci levels, stabilizing around $0.1. Currently, the Dogecoin price stands at $0.1, with a 0.6% decrease in the past 24 hours.
Bears aim to bolster their position by pushing the DOGE/USDT pair down to the crucial support at $0.085. If reached, this level could trigger substantial buying from bulls. A recovery from $0.085 could lead bulls to attempt another surge beyond the moving averages. A successful breakout could pave the way for a rally towards $0.114, although bears will likely offer tough resistance up to $0.14.
Conversely, a price drop and close below $0.085 could signal the onset of a more severe correction, potentially sending the pair downwards to $0.07.
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