Español.
Crypto-analyst Ali Martinez It uncovered Dogecoin's bearish on-chain metrics, sparking a negative outlook for the first meme coin. Based on this, Doge may risk suffering further price drops.
Dogecoin activity levels collide with a 4-month low
in xPostMartinez revealed that Dogecoin's network activity has fallen to its lowest level since October 2024, with only 66 whale transactions and lowering active addresses of less than 60,000 daily. Bitconist also recently reported it Doge's large transactions It had dropped by 88% since the end of last year.
Related readings
This drop-in Dogecoin Network Activity It coincides with the price crash experienced by the First Meme Coin since reaching local highs in December. Whales have a major impact on Doge's price action, and the decline in whale trading offers a bearish view of memecoin.
Doge Price could be even more diminished as Dogecoin whales choose to stay on the bystanders. Meme Coin is already down about 50% from the local highs recorded in December, causing that concern That Bull Run Ended. In addition to the whale trading and a drop in active addresses, Doge's open interest also sparked concern.
As reported by Bitconist, Dogecoin's open interest It has dropped to the level of December 2024. Doge witnessed a price crash at the time as it fell from local highs. So, the first meme coin is once again at risk of suffering a price crash that could fall below the psychological price level of $0.2.
With this bearish outlook, Dogecoin risks testing its price level of $0.19. This level is important as it suggested that Martinez had previously fallen below this level suggested that Doge's bull run was over. However, he asserted that as long as he is above this level, he wants the first meme coin to be as much as $4 in this cycle.
Before you lift your next leg, the final doge pullback
At XPost, Crypto Analysts Trader's lateness I suggested that this could be a final Dogecoin pullback before raising the next leg. He said Doge may have completed the recovery phase. Analysts added that Meme Coin's markup phase will soon be coming. His accompanying charts showed that if this markup phase occurs, Dogecoin could be $7.
Meanwhile, in another X-post, the trader's lateness said Dogecoin reached the same Retracement angle From the previous top. In line with this, he said this might be the final doge level of the current pullback.
Related readings
At the time of writing, Dogecoin's price is trading at around $0.23, down almost 5% over the past 24 hours. data From CoinMarketCap.
Getty Images Featured Images, Charts on tradingView.com
