Dogecoin (DOGE) Fails Bullish Expectations as Whales Sell

Dogecoin Drops Amidst Meme Coin Surge

Despite the recent gains experienced by other meme coins, Dogecoin (DOGE) has faced a decline in price. This downturn has been attributed to selling pressure from whales, combined with low investor participation.

Whale Sell-Off

Whale addresses holding between 10 million and 100 million DOGE have sold over 300 million coins in the past week, worth approximately $50 million. This has reduced their total holdings to 17.36 billion DOGE.

Low Investor Participation

Retail investors have also shown limited enthusiasm for DOGE, as evidenced by the low active addresses ratio of 0.89%. This indicates that a small percentage of investors are actively transacting on the network, suggesting uncertainty about potential profits and the presence of potential losses.

Broken Ascending Triangle

Recently, DOGE's price attempted to break through an ascending triangle pattern, which had a potential upside target of 22%. However, the coin failed to cross $0.190 and has since fallen back.

Price Prediction

Currently, DOGE is trading at $0.159, holding above the critical support level of $0.151. If the broader market remains bearish, the coin could potentially decline to $0.142 or lower.

On the other hand, if DOGE successfully rebounds and reclaims $0.168 as support, it could rise to $0.182. Breaching this resistance would invalidate the bearish scenario and push DOGE towards $0.190 and beyond.