Declining Whale Activity & Death Cross to Slow Down Dogecoin Price Rise To $10?

Dogecoin Price Outlook: Whale Activity Decline and Technical Signals Raise Questions

Dogecoin (DOGE) has witnessed a significant drop in whale transactions, raising concerns about its price trajectory. While some analysts predict a downturn, others anticipate a potential upswing if crucial support levels are breached.

Decline in Whale Activity

Blockchain data analysis indicates that large holders are showing reduced interest in DOGE, resulting in a substantial decline in large transactions. Since November, whale transaction volume has plummeted by approximately 88%, according to crypto analyst Ali.

According to IntoTheBlock data, transactions exceeding $100,000 have decreased by 25.68% within a week, while those over $1 million have fallen from 680 to 25. Whales are currently transacting an average of 2.42 million tokens weekly, with a transaction volume of $100 million to $200 million, down from $5.75 billion previously.

Technical Signals Suggest Price Drop

Technical indicators point to bearish sentiment for DOGE, with its MVRV ratio remaining below the 200-day moving average. Historical data shows that "death cross" patterns have triggered market value declines of 26% to 44%. At its current price of $0.266, DOGE faces further downside potential based on current trends.

Bullish Forecasts

However, analysts such as Trader Tardigrade maintain positive outlooks, viewing the current price as a short-term consolidation before the uptrend resumes. They believe DOGE has the potential to rally towards $7 over the next 5 months if it breaches resistance levels.

Historical Trends and Potential Breakout

DOGECAPITAL interprets the current DOGE price pattern as similar to the 2017 market, suggesting a major price transformation may be imminent. Analysis on X reveals a 1,442-day pattern correlating accumulation patterns with rapid price surges.

The analyst suggests that the current market phase exhibits signs of preceding substantial upswings, based on the white indicator on the price chart. DOGE's historical pattern repetition using curved trendlines is used in the assessment, but traders are cautioned about potential market volatility.

Factors Influencing Price Growth

Previous price spikes for DOGE have been driven by retail investments, media hype, and trading speculation. A future rally in 2025 would likely rely on increased market interest and favorable external market conditions.

Despite bearish indicators, DOGECAPITAL projections indicate that DOGE could reach future all-time highs. Historically, DOGE has exceeded its previous peak values when market conditions have been favorable, potentially moving towards a psychological price level of $10.