Dogecoin (DOGE) is showing mixed signals at the moment. Price is $0.122382 and 24hr volume is $318,357,711. Despite a 1.26% drop in the last 24 hours the market is reacting to various factors.Recent data shows that large holders who own 0.1% of the total supply are selling their holdings and putting pressure on the price. This has reduced the large holders net flow by 311% in the last 7 days. When big holders sell it can cause increased volatility and price drops.
But there is also accumulation from these holders. This could stop the price from dropping further as big volume buys absorb selling pressure and could lead to an uptrend if sustained.
Technical indicators are mixed. Big Mike’s analysis using Elliott Wave theory and Fibonacci levels along with RSI and MACD suggests a bull run might be near.
The mid range RSI is neither overbought nor oversold so there is room for price to move in either direction. The MACD is used to gauge momentum and possible reversals and will be bullish if it crosses above the signal line in the next few days.
Market Influences and Whale Activity
Recent data shows that large holders who own 0.1% of the total supply have reduced their net flow by 311% in the last 7 days. This is a big sell-off and could put pressure on the price. But the same data also shows accumulation phases that could stop the price from dropping too far. This duality is creating a complex environment in the Dogecoin market as the actions of these large holders can move the price big time because of the volume they control.
Dogecoin’s (DOGE) chart shows a downtrend movement in the Keltner channel with a current price that is just above the lower boundary line suggesting an oversold scenario. Latest data places it near $0.12237 with minimal attempts to recover but still under bearish selling pressure as it trades close to its lower channel line of $0.11568. This closeness implies that DOGE could be testing support levels that are critical and if breached could lead to more falls. Nevertheless, this area is also consolidating near the bottom and may suggest possible buying interest leading to a potential bounce should bullish momentum follow through.
Investors need to keep an eye on prices breaking out over or below these channels’ borders since, for example, rising from the midline at 0.12937 would indicate increasing bullishness targeting 0.14307 upper resistance levels might be hit eventually. This analysis shows that Dogecoin’s next important trends will depend heavily on its immediate market movements i.e., continue falling or change its course upwards as bullishly forecasted.
