important notes
- The 50-day EMA and 200-day EMA of Dogecoin price have formed a “death cross”, confirming the weakening of momentum.
- DOGE whales have landed approximately $1.05 billion worth of DOGE over the past week (valued at over $180 million).
- Some analysts remain optimistic despite the drop, predicting DOGE to rise 800% in the current market cycle.
Dogecoin (DOGE), the world’s largest meme coin, is under strong bearish control, dropping 7% over the past week and currently trading at $0.18. Additionally, DOGE’s daily trading volume decreased by 51% and now stands at $1.34 billion. Market experts believe that the price of Dogecoin is currently in a high-stakes situation.
Dogecoin price tests final support before crash
Crypto analyst Ali Martinez highlighted that $0.18 is an important support level for Dogecoin price. If the price holds at these levels, it could rebound toward $0.26 or even $0.33 in the short term, Martinez said.
Dogecoin price tests significant support | Source: Ali Martinez
Additionally, Dogecoin’s price chart clearly shows increasing selling pressure with clear signs of weakness. DOGE issued a major bearish signal as its exponential moving average (EMA) formed a death cross.
This crossover occurs when the 50-day EMA drops below the 200-day EMA, confirming that the upward momentum is weakening. This development suggests that Dogecoin could become increasingly vulnerable to broader market downturns. Analysts warn that rising volatility could put further pressure on asset prices as investor confidence weakens.
Dogecoin price chart forms death cross | Source: TradingView
Furthermore, on-chain data shows that whale investors have started offloading large amounts of DOGE. Over the past week, Whale has sold approximately 1.05 billion DOGE, with a value of more than $180 million.
In particular, addresses holding between 10 million and 100 million DOGE began reducing their positions on October 27, offloading approximately 800 million DOGE.
Dogecoin Whale Sale | Source: Santiment
Investors remain bullish on DOGE rising to $1.70
The cryptocurrency market is currently in a downtrend, and the bears have the upper hand at the moment. However, some market analysts remain optimistic.
Crypto market analyst Bitcoin Census still believes that Dogecoin’s price rise could start from here, predicting an exponential rise in the future. The analyst said DOGE’s historical price pattern shows repeating upward trends, with past gains of 300% and 500%.
DOGE price focuses on exponential rise | Source: Bitcoin Census
They noted that the move could grow further in the current cycle, with projections suggesting it could increase by 800%. Bitcoin Census has set a target price for DOGE at around $1.70 if the pattern continues to develop.
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Bhushan is a fintech enthusiast and has a great talent for understanding financial markets. His interest in economics and finance has drawn attention to the emerging blockchain technology and cryptocurrency market. He is in a continuous learning process and stays motivated by sharing the knowledge he has gained. In my free time, I like to read thriller novels and sometimes try my hand at cooking.