Dogecoin Sees Over $35 Million in Outflows as Reversal Signs Appear
Dogecoin (DOGE) shows early signs of a potential rebound, currently trading at $0.1701, down over 20% from its June high of $0.2135. It is retesting a support band between $0.1600 and $0.1670 that has held firm during past corrections.
Technical Analysis Indicators
- A bullish divergence on the Relative Strength Index (RSI) indicates weakening bearish momentum, with RSI at 35.90.
- The MACD indicator is flattening, suggesting a possible shift in momentum.
Market Activity
More than $35 million in DOGE has flowed out of centralized exchanges in the past 48 hours, indicating increased accumulation. This trend suggests traders are moving assets to self-custody, signaling long-term holding intent.
Key Levels
- Support: Above $0.1600
- Resistance: $0.2050 to $0.2100
- Breakout target: Near $0.2550 to $0.2600
- Invalidation level: Daily close below $0.1600 opens up movement toward $0.1400
Other Developments
Investor interest is also rising for Solaxy ($SOLX), a layer-2 scaling solution for Solana. The project includes a testnet and token bridge, with its presale nearing completion.