Dogecoin, once popular among high-profile celebrities, is facing a significant bearish pullback. On-chain data reveals a decline in whale activity.
Whale Interest Declines in DOGE
The leading meme coin, Dogecoin, has faced significant setbacks recently. The coin recorded a decline of nearly 17% in the last thirty days due to increased selling pressure near weekly highs. Coinglass data shows a notable increase in long position liquidations over the past 24 hours, as the DOGE price did not meet buyers' expectations. Dogecoin saw total liquidations exceeding $3 million, with buyers liquidating approximately $2.7 million in long positions.
DOGE Price Forecast
Dogecoin bulls tried pushing the price above the moving averages and $0.11 but were met with strong resistance from bears. Consequently, the DOGE price fell below the immediate Fibonacci levels and is now stabilizing around $0.1. Currently, the Dogecoin price stands at $0.1, having dropped by over 0.6% in the past 24 hours.
Market Impact of Price Drop
Bears are working to strengthen their position by pulling the DOGE/USDT pair down to the critical support at $0.085. If reached, this level could prompt significant buying from bulls. A recovery from $0.085 might enable bulls to attempt another surge past the moving averages. A successful breakout could lead to a rally toward $0.114, although bears are likely to put up a strong defense up to $0.14. Conversely, if the price falls and closes below $0.085, it could indicate the beginning of a more significant correction, potentially sending the pair downward to $0.07.
The decline in Dogecoin's whale activity and the strengthened bearish positions may lead to further decreases in DOGE prices. Investors should consider current trends and watch for critical support levels.
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