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Whale activity plunges as DOGE hovers near critical support
Dogecoin large-holder transactions have dropped sharply, reaching a 60-day low even as the memecoin tests a key 2024 support zone. On-chain analysis shared by crypto analyst Ali Martinez shows high-value DOGE transfers fell from 38 to just four, signaling a notable pullback in whale activity despite short-term price attempts to push higher.
What the numbers show
The decline from 38 large transactions to only four represents the weakest level of whale movement in two months. This reduction comes at a sensitive technical juncture: DOGE is trading below its 200-day exponential moving average (200-day EMA) and sitting near a support level that has already been tested twice in 2024. Market participants monitoring the charts will likely weigh these signals when assessing trend strength.
Momentum and technical indicators
Momentum indicators underline the cautious backdrop. The Relative Strength Index (RSI) has posted persistent negative readings since the June–September rally lost steam, indicating weakened buying pressure. Traders will watch whether the 200-day EMA and the tested support hold—if not, downward pressure could intensify. Conversely, renewed volume and a return of whale transactions would be bullish confirmations for DOGE.
On-chain context and market implications
Dogecoin, launched in 2013 as a lighthearted crypto, remains one of the largest tokens by market cap and highly sensitive to social sentiment and large-holder flows. A drop in whale transactions often signals hesitation from big holders, which can limit upside momentum and extend consolidation or accumulation phases.
Community outlook and accumulation signals
Community chatter points to a prolonged accumulation phase for DOGE, with traders on social platforms suggesting that patient accumulation could precede a broader altcoin season. A recent public note from a crypto account highlighted what it called the longest DOGE accumulation period since the token’s inception—an observation that, if sustained, might set the stage for renewed interest from retail and institutional players alike.
What traders should watch next
Key items to monitor: on-chain whale flows, exchange inflows and outflows, 200-day EMA behavior, RSI divergence, and volume spikes tied to social catalysts. Together, these metrics will offer the clearest picture of whether DOGE’s current support holds and if whale activity will return to drive the next directional move.
Source: crypto
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