Dogecoin Whales Sell 150M Coins Amid ETF Disappointment
- Whale Selling Spree: Over the past five days, Dogecoin whales have sold 150 million DOGE, contributing to a 20% price drop over the last month, indicating a significant decline in market confidence.
- ETF Underperformance: Despite the recent launch of two ETFs tracking Dogecoin, the total net inflows of just over $2 million in the past month starkly contrast with the $1.1 billion attracted by XRP funds in the same period, reflecting a lack of market interest in Dogecoin.
- Persistent Price Decline: Currently priced at $0.12, Dogecoin has seen a dramatic fall from its 2021 highs, with a 7% drop in the past week, highlighting its increasingly marginal position in the cryptocurrency market.
- Shifting Market Sentiment: The lack of celebrity endorsements has led to a significant decline in Dogecoin's popularity, underscoring its vulnerability as a speculative asset and leaving its future recovery uncertain.
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Technical Analysis for DOGE
Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Dogecoin (DOGE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0731 | 0.0815 | 0.0893 | 0.0978 | 0.106 | 0.114 | 0.122 |
| Fibonacci | 0.0815 | 0.0877 | 0.0916 | 0.0978 | 0.104 | 0.108 | 0.114 |
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