Dogecoin (DOGE) is currently trading at $0.1495, with a weekly gain of approximately 4%, but remains stuck in a tight range between support at $0.1476 and resistance at $0.1499. According to data from Santiment, whale transactions involving over $1 million have plummeted from 285 to below 38 over the past two months, indicating reduced involvement from institutions and influential individuals.
This decline in high-value activity coincides with a price drop from $0.271 to as low as $0.13, marking a significant retracement. On-chain data from CryptoQuant reveals that whales are accumulating DOGE on the spot market, albeit slowly, while retail traders dominate the futures market with bearish sentiment, as reflected by a reading of 1.31 from Market Prophit.
Analyst Trader Tardigrade on X noted that historical data from Q4 2024 suggests a potential price rally for DOGE, possibly surpassing the $0.60 threshold, based on similar breakdowns of support levels. However, this outlook depends on broader market conditions, as the current retracement in chain activity and price action may be nearing an end.
