Dogecoin Faces Key Support Level Amid Bearish Pressure and Whale Selloff
The largest meme coin, Dogecoin, has dropped 7% over the past week, trading near $0.18. Daily trading volume is down 51%, currently at $1.34 billion.
Dogecoin Price Analysis
- $0.18 is a crucial support level for Dogecoin.
- Maintaining this support could lead to a rebound to $0.26 or $0.33.
- A Death Cross has formed as the 50-day EMA fell below the 200-day EMA, indicating weakening momentum.
- On-chain data shows whales have sold approximately 1.05 billion DOGE, valued over $180 million, recently increasing selling pressure.
Market Outlook and Predictions
- Some analysts remain optimistic about a potential DOGE rally.
- Historical patterns suggest possible exponential gains, with past rallies recording 300% to 500% increases.
- Projections indicate an 800% increase, targeting around $1.70 if trends continue.
