The main dishes to remember:
-
Dogecoin whales unload large Doge volumes, signaling risk aversion.
-
The drop in open interest and daily active addresses indicate less Doge demand.
-
The growing Doge -Coin motif indicates a downward reversal with a price drop potential of 45%.
The Dogecoin price (DOGE) fell by more than 24% after reaching a summit of $ 0.28 several times on July 21. Consequently, the greatest even holders of the same have unloaded Doge during recent price reductions, indicating their lack of confidence in a potential rebound in the coming weeks.
The metrics of Dogecoin Onchain refer to new losses
The interest of investors in DOGE remains moderate according to the data of derivatives. The interest open to Dogecoin (OI) is down $ 3.24 billion after peaking at $ 5.35 billion on July 22. A drop of 8% because Sunday implies a reduction in speculative positioning and fewer traders betting on short -term price increases.
Portfolios holding $ 10 to 100 million has decreased by 6% since the end of July, according to health data.
This reflects a previous transaction reported by the whale alert that 900 million Doge, worth more than $ 200 million, were transferred to Binance by an unknown whale, which raises concerns about short -term sales pressure.
As a general rule, when large holders distribute an asset while prices drop, this indicates that they see risks of additional drop.
In relation: Ether bursts against BTC, but the new heights depend on the support of $ 4.7,000
Meanwhile, the number of daily active addresses on the Dogecoin network has significantly dropped to 58,000 against 1.65 million in the fourth quarter / 2024 and 674,500 in July, suggesting a low network activity.
A decrease in active addresses indicates a lower user engagement on the network, possibly reflecting retail interest.
DOGE RISING CARE PATTERN Target 0.12 $
From a technical point of view, the sale pressure on Doge could gain a significant momentum if it breaks below an rising corner diagram.
In the technical analysis, an upright corner is a lower inversion diagram model which includes two convergent trend lines which connect higher highs and higher stockings. This convergence indicates that the bulls lose momentum.
DOGE PRICE CURRENT RESTESTE The support provided by the local trend line in the area at $ 0.218.
A break below this level will probably trigger a deeper drop in the price, with a local technical target at $ 0.12, a drop of 45% compared to current prices.
The relative force index (RSI) also shows a weakness, falling to 49 of the surachat conditions at 85 years on July 20, which indicates that the lowering momentum has constantly accumulated.
As Cointelegraph reported, Doge Price must maintain above the area from 0.19 to 0.20 $, or mobile averages of 100 days and 200 days, to avoid new losses to $ 0.16.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.