Tracking on-chain market data, Dogecoin has seen whale movement. The data indicates that nearly 2 billion DOGE was transferred in just 24 hours. According to a post on X by Ali Martinez, insights indicate that fluctuations occurred during the course.
A deeper observation of the chart indicates that the Dogecoin transfers surged from 600,000 to over a billion within a few hours. Whale transactions worth $197.6 million were done in different exchanges and wallets, indicating robust activity by main holders.
Technical data shows bearish indicators for Dogecoin
According to the price chart, DOGE is under pressure, and most of the indicators are bearish. The RSI is at 35.16 and it signifies that there is weak buying taking place as it is slightly above the oversold level 30.
RSI signal line is at 33.28, and there is no indication of upturn yet, which further indicates a negative attitude towards shares. The MACD is still bearish and the MACD line is at -0,0203 while the signal line is at -0,0209.
The presence of limited green bars on the histogram signifies that there is more orientation towards the south side, and hence, the bearish trend is still persistent. Data from the histogram confirms bearish continuation due to its minimal green bar presentation. If sellers maintain control, DOGE risks breaking below its next support level at $0.15.
Current market data reflects declining performance
Dogecoin’s price dropped 4.61% in the last 24 hours, reaching $0.1946. The market capitalization fell 4.59% to $28.87 billion, maintaining DOGE’s position as the 8th largest cryptocurrency. The trading volume in the same period hit $1.49 billion, reflecting a 6.90% decline.
The trading activity stands low as shown by the ratio of 5.15% measured against market capitalization. The fixed 148.34 billion DOGE supply undergoes gradual expansion through its inflationary supply rules. The latest price action shows a high of $0.2041 before dropping below $0.20.
During publication, the price of DOGE stood at $0.1946, while intraday trading reached a minimum level of $0.192. The ongoing bearish momentum may drive whales to push the price towards $0.14, which would create an increasing market decline.
