Whale trading volume has dropped sharply, and Dogecoin is facing heavy pressure to rise in the short term?
DOGE prices have suffered a setback recently, falling by 1.6%, and the overall market performance is slightly sluggish. This trend has undoubtedly cast a shadow on the hearts of many investors, and the market has raised doubts about its subsequent rebound ability.
Although Dogecoin tried to show a sign of recovery last week, with an increase of 2.7%, its recent weak performance has been disappointing. In the past 24 hours, the value of Dogecoin has suffered another setback, falling to a low of $0.1065. Although it has rebounded since then, it is still difficult to cover up its downward trend. This wave of decline has undoubtedly exacerbated the market's concerns and made investors full of doubts about the future trend of Dogecoin.
However, the optimistic technical outlook cannot completely cover up the fundamental challenges of Dogecoin. The relative strength index is an important indicator for measuring the speed and change of price changes. At present, the RSI value of Dogecoin is at a neutral level of 38. This means that Dogecoin has neither shown signs of overbought nor fallen into the dilemma of oversold, and its future trend still depends on changes in market sentiment.
In addition, whale trading activities are also an important window for observing market behavior. Whale trading is often seen as a barometer of interest from institutions or high-net-worth investors. However, according to data from IntoTheBlock, Dogecoin's whale trading volume has dropped significantly this month. This change may reflect the weakening interest or confidence of large investors in Dogecoin, which undoubtedly puts more pressure on Dogecoin's short-term rise.
Again, if you don't know what to do in the bull market, click on my avatar and follow me. Bull market spot planning, contract passwords, free sharing. I need fans, you need references. It's better to pay attention than to guess.
