Dogecoin faces resistance at $0.11: Will whales push prices lower?
Dogecoin (DOGE) is currently facing selling pressure, with a key resistance level at $0.11, and with a large amount of DOGE in the market ready to short, it is expected that resistance may appear in the future.
According to data from IntoTheBlock, whales remain in profit in the $0.085-$0.1007 range, but if the price breaks through the $0.101 and $0.1168 selling pressure zones, DOGE's upside will be limited. In particular, around $0.11, there is a potential for selling of more than 31 billion DOGE, which may further hinder price increases.
Recent DOGE movements show a downward trend, and the price has begun to decline since hitting $0.23 in April 2023. The triangle pattern currently forming may lead to further price declines, especially if it falls below $0.092, and whale selling may intensify.
From the perspective of liquidation level, DOGE's long liquidation is at $0.101, while short liquidation is around $0.098. The current market sentiment tends to move downward to areas with lower liquidity. In terms of shareholding distribution, the number of addresses holding more than 1 billion DOGE has decreased, but the number of addresses holding more than 100 million DOGE has increased, showing a slightly bullish sign.
Overall, the short-term outlook for Dogecoin is bearish, but the future trend is still uncertain, and traders need to remain vigilant.
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