Dogecoin Price Analysis: Whale Sell-Off and 22% Downside Risk

Dogecoin Price Analysis: Resistance and Correction

Overview

Bitcoin's struggle to surpass $65,000 resistance has weighed on major altcoins, including Dogecoin (DOGE).

Daily Chart Analysis

• DOGE faces rejection at $0.17, indicating seller dominance.
• This reversal at the monthly resistance trendline suggests a prolonged correction.

Whale Movement

• Over the past five weeks, DOGE has corrected under a downsloping trendline.
• A recent whale transfer of 400 million DOGE to Robinhood could indicate potential selling pressure.

Potential Correction

• A reversal could send DOGE down by 22% to $0.122 support.

Wallet Expansion Comparison

• Altcoin Daily's analysis shows significant growth in cryptocurrency adoption.
• Bitcoin leads with 53.85 million non-empty wallets.
• Toncoin has the fastest growth in wallet numbers.
• DOGE outpaces XRP and ADA in 6-month wallet growth.