Dogecoin (DOGE) strives to avoid falling below the important threshold of $0.32
Despite increasing uncertainty, Dogecoin whales (heavyweights with transaction amounts over $100,000) have begun to take action. According to IntoTheBlock, high-value transactions recently surged to 9,410, reaching the highest level since November 2021, indicating that these large participants have rekindled their interest.
Historically, this activity has stabilized Dogecoin during turbulent times. Analysts believe that continued involvement from whales can prevent further declines, but the overall market remains cautious, with limited inflow from small investors.
Dogecoin's Chaikin Money Flow (CMF) indicator hovers around neutral, indicating that there is little money flowing into the market. This reflects ongoing hesitation among investors, who seem uneasy about the turmoil in the cryptocurrency space as the year comes to a close. Without increased buying pressure, the macro momentum of the token may further weaken.
The path to recovery depends on whether Dogecoin can break through the support level of $0.36, a move that could restore confidence and reignite market activity. If this goal is achieved, the next milestone will be $0.40. This level could pave the way for sustained growth.
At the time of writing, Dogecoin's price is $0.3168.
