Cryptographic analyst Ali Martinez revealed a metric bathing to the chain for Dogecoin, causing a negative perspective for the main piece of memes. Based on this, DOGE could risk undergoing a drop in additional prices.
Dogecoin activity levels crash at 4 months
In a X postMartinez revealed that the activity of the Dogecoin network had fallen to its lowest level since October 2024, with only 66 whale transactions and less than 60,000 active addresses per day. The bitcoinist had also recently pointed out that Large DOGE transactions had dropped 88% since the end of last year.
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This list Dogecoin network activity Coincide with the price crash that the first same corner has known since it reached a local summit of about $ 0.46 in December. The whales massively influence the action of DOGE prices, and the drop in whale transactions provides a downward perspective for the memes piece.
With the Dogecoin whales choosing to stay on the sidelines, the price of the Doge could undergo new declines. The same corner has already dropped by around 50% of its local summit recorded in December, arousing concerns that his bull finished. In addition to the drop in whale transactions and active addresses, Doge’s open interest has also aroused concerns.
As the bitcoinist reported, Dogecoin’s open interest fell at the levels of December 2024. Doge attended a price accident at the time while it fell from its local summit. As such, the first piece of memes is again at risk of undergoing a price crash that could send it below the psychological price level of $ 0.2.
With such a lower perspective, Dogecoin may test the price level of $ 0.19. This level is significant as Martinez has already suggested that a break below this level suggests that the Bull Run of Doge is finished. However, he said that as long as he holds above this level, so the largest piece of memes could still come together up to $ 4 in this cycle.
Dogey final pollaging before the next step
In a post X, crypto analyst Tarden late suggested that it could be the last Dogecoin decline before the next step. He pointed out that Doge may have finished the recovery phase. The analyst added that the marking phase of the same corner will soon arrive. His accompanying table has shown that Dogecoin could rally up to $ 7 when this markup phase occurs.
Meanwhile, in another x post, late late said that Dogecoin had reached the same thing retraction angle from the top previous. In accordance with this, he noticed that this could be the last level of the Doge of the current decline.
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When writing these data from CoinMarketCap.
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