Dogecoin Sees $39.29M Outflow, Indicating Market Panic
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5d ago
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Source: Benzinga
- Market Panic Signal: Dogecoin (DOGE) experienced a $39.29 million outflow on Friday, indicating that large holders are actively selling, which has led to a 2% price drop and a 49% decline from September's peak of $0.27, signaling a severe deterioration in market sentiment.
- Deteriorating Technical Indicators: DOGE is currently trapped in the $0.12-$0.15 range, with an RSI of 48.27 failing to break above the critical 50 level, reflecting a lack of buying interest as the price remains below all key moving averages, intensifying downward pressure.
- Weak SHIB Performance: Shiba Inu (SHIB) is down 1.5% today, having dropped 53% since its August peak of $0.00001785, struggling within the $0.00000750-$0.00000850 support zone, while all moving averages point downward, indicating a pessimistic outlook for its future performance.
- Key Support Level Analysis: DOGE's critical support is at $0.12, with a potential drop to $0.11640 if breached, risking further declines to $0.10 or lower, while SHIB's critical support at $0.00000754 could lead to increased risk down to $0.00000500 if broken.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
