The popular memecoin #Dogecoin‬⁩ (DOGE) has been trading in a narrow horizontal channel for over a month now. While whales are taking advantage of this stagnation and increasing their positions, retail traders, on the contrary, are selling off tokens

Let's figure out what's going on with DOGE and whether the memecoin will be able to break through important resistance. Dogecoin is standing still

Since August 4, Dogecoin has been trading in a horizontal channel. The strength of sellers and buyers of the memecoin is approximately equal. The upper boundary of this channel is the key resistance at $ 0.11, and the lower boundary is the support at $ 0.09. Last weekend, DOGE tried to break through the resistance for the third time in seven weeks, but to no avail. Too much selling pressure at this level pushed the cryptocurrency back. Meanwhile, whales are increasing their positions in the memecoin. Over the past month, they have increased the volume of their savings by 179%, according to an on-chain metric that tracks the movement of funds of large investors. However, the stability of the Dogecoin price has not attracted retail traders. In contrast to whales, they, on the contrary, have sold off part of their assets over the past month. Thus, over the specified period, the balance of such traders has decreased by 2%. This could be one of the factors preventing the memecoin from starting a rally. At the time of writing this analysis, DOGE is trading at $0.107, having shown no clear dynamics over the past 24 hours. For a breakout above $0.11, the market sentiment needs to change for the better.

Since September 18, the Dogecoin Weighted Sentiment Index has been showing negative values. Currently, this indicator is -0.63. This means that at the moment, negative sentiment prevails around the cryptocurrency, which prevents it from starting to grow.