On Friday, Dogecoin was trading around $0.085, reflecting a decline of more than 11% over the week. The decrease in balances of large holders, along with weakening technical momentum, indicates continued downward pressure. Two groups of large wallet holders reduced their combined assets by 100 million DOGE since Wednesday. If the price closes below $0.084, it could pave the way for a decline to $0.078 and $0.070. Resistance begins at $0.086.
Santiment data shows that wallets with 1–10 million DOGE and those with 10–100 million DOGE have collectively reduced their holdings. This may indicate that some large holders are reducing their asset volumes, possibly through profit-taking. However, changes in balances alone do not confirm that all tokens were sold.
Information from CryptoQuant also points to caution: it records overheated conditions in both spot and futures markets. Despite the decline in DOGE's price, the long-short ratio on CoinGlass on Friday is 0.90 – close to the highest level in the past month. Positive funding rates are at 0.0010%, suggesting that long position traders are paying shorts to maintain their positions. This data indicates that some traders are aiming for a recovery, but it does not confirm that the buying demand is strong enough to reverse the trend, especially with weak price momentum.
Dogecoin is trading slightly above the trendline level around $0.084, which serves as immediate technical support. Closing below this level could pave the way to $0.078, with a deeper correction targeting $0.070. The Relative Strength Index is around 40, which is below the neutral level and aligns with weak buying activity. The MACD line (Moving Average Convergence Divergence) remains below zero and its signal line, also indicating a short-term seller advantage.
DOGE is below several key exponential moving averages, creating obstacles for recovery. The first resistance is the 100-day EMA around $0.086. Above, the 50-day EMA and horizontal resistance intersect around $0.088. Breaking through these levels would help ease the immediate bearish momentum. A stronger recovery would require a move above the 200-day EMA at $0.093, followed by testing significant resistance around $0.102. For now, the balance between support at $0.084 and the aforementioned moving averages will determine whether DOGE can stabilize or continue to lose value.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.