Dogecoin has recently seen a steep decline in whale transactions, negatively impacting its market capitalization. This data points to decreased activity from large players, signaling reduced interest from institutional investors.
Declining Whale Trades and Market Action
The number of Dogecoin transactions worth over $100,000 has fallen from 20,200 to 6,200, reflecting fewer large investors in the market. Dogecoin's market value has declined by 49% from its December 7 high, indicating lower liquidity and weak demand from institutional investors.
Price Trend and Key Support Levels
After reaching a high of around $0.50, Dogecoin has been in a downtrend. At the time of reporting, the price was $0.2481, down 1.80% in 24 hours. The token is testing support between $0.24 and $0.25, and a break below this range could push the price towards $0.10-$0.14.
Resistance and Potential Price Movements
Resistance levels at $0.32 and $0.36 are significant, having previously rejected price advances. Should Dogecoin break through, a reversal toward higher prices may occur. However, persistent selling pressure and lack of whale activity may hinder such a move.
Dogecoin is in a firmly established downtrend, and short-term relief is possible only if the price holds at $0.24. Otherwise, weakness may intensify.
