- DOGE whale wallets moved over 7 billion coins in the past month.
- RSI shows DOGE near oversold levels, trading below the 20-day SMA.
- DOGE reclaimed $0.14 after triggering a TD Sequential buy signal.
Dogecoin (DOGE) showed mild recovery by trading at $0.14606 with a daily gain of 0.77%, according to TradingView data. The price bounced back above the $0.14 support level, which was earlier flagged as critical by analysts. The TD Sequential indicator has now flashed a buy signal. A similar pattern in the past led to a price rally of over 100%.
Technical indicators reflect cautious market behavior. DOGE is trading below its 20-day Simple Moving Average of $0.16087. The Bollinger Bands are tightening, with support at $0.13558 and resistance at $0.18616. The Relative Strength Index (RSI) is at 36.88, indicating that the asset is nearing oversold territory.
Whale Movements Continue as Old Coins Decline in Activity
Whales have remained active in the market, with over 7 billion DOGE having been moved or sold by whale wallets in the last 30 days. This volume represents a considerable part of the circulating supply and may act as a barrier to a sustained recovery.
Data shared by analyst Ali Martinez showed that the number of older DOGE coins being spent daily has dropped. The “spent age band” metric fell from 93.86 million in mid-August to 35.13 million currently. Although fewer older coins are now being moved, ongoing whale sales maintain downward pressure on the price.
Confusion Over Government Shutdown Adds to Market Tension
The recent closure of a U.S. agency named the Department of Government Efficiency (DOGE) sparked brief panic among crypto traders. Despite having no connection to Dogecoin the token, the similar name led to misinterpretation. The agency was created during the Trump administration and had indirect links to Elon Musk, a known Dogecoin supporter.
Traders reacted quickly due to ongoing market uncertainty. In a stressed environment, misleading headlines can cause strong reactions. Analysts remain divided on the outlook. While some warn of a possible decline toward $0.07, others highlight the reclaimed support and technical signals as possible signs of strength.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
