Dogecoin (DOGE) traded at $0.09408 on Monday after declining by 11.25% over the past week, according to CoinMarketCap. The data indicated that whales accumulated at recent lows, showing reduced selling pressure. Market participants were also focusing on Dogecoin’s strength at key levels during the session.
The price of Dogecoin continued its downward trend, trading in the red zone. The price was stuck at the $0.094 zone, which has been a key level. The overall market condition remained cautious, with weak sentiments prevailing across major cryptocurrencies.
Santiment’s Supply Distribution data shows that Dogecoin’s whale activity has changed significantly. The wallets that held between 100,000 and 1 million coins and those that held between 10 million and 100 million DOGE accumulated nearly 250 million tokens since Thursday.
Meanwhile, wallets that held between 1 million and 10 million tokens reduced their holdings by nearly 110 million DOGE. This indicated that whale activity is rotating, but there has been no overall accumulation.
Source: Santiment
BitGuru, a popular analyst, highlighted that Dogecoin has managed to hold its support at $0.094 after a long downtrend and a liquidity sweep.
The price action at this level indicates that a potential base is being formed on the daily time frame. If the coin has held this level, it is more likely that it could attempt a short-term recovery.
Analysts also pointed out that the upside levels are clear if the buyers are able to regain their momentum. He also noted that the token may target the $0.13 to $0.15 range and then target levels above $0.18. However, if it loses the $0.094 support level, it may again face another decline in prices.
Source: X
Also Read: Dogecoin Hits Key Entry Zone: Could DOGE Target $0.60 in the Next Cycle?
Additionally, another analyst, Emilio Crypto Bojan, revealed some key aspects about DOGE. He also pointed out that the market is waiting to see some more volume to push the token to go above the $0.108 resistance. He noted that if it fails to sustain this level, it may again fall to $0.088.
Source: X
The Relative Strength Index (RSI) was at 31.69, while the signal value is close to 33.00. The RSI remained below the midpoint, showing that there was limited buying pressure. It was close to the oversold region; however, it showed that there is slow momentum rather than a reversal.
The Moving Average Convergence Divergence (MACD) shows that the MACD line is at -0.00980, while the signal line is close to -0.00848. The histogram is at -0.00132. It is close but still remains below zero, showing that there is still downward pressure.
Source: TradingView
Cryptocurrency is at a critical stage, with analysts watching whale movements, volume, and the support at $0.094. The direction that token will take in the coming sessions will depend on whether it can manage to hold its momentum.
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