Dogecoin Price Analysis: DOGE Hits Multi-Month Lows as Flows Turn Bullish for First Time in 6 Months
Dogecoin plunged to multi-month lows, but positive exchange flows and increased whale accumulation suggest a potential reversal is near.Summary
Dogecoin (DOGE) experienced a significant drop, falling 7.42% from $0.160 to $0.149, breaking critical support at $0.155 amid heavy selling pressure confirmed by increased volume. This decline places DOGE at the lower boundary of its year-long descending triangle, technically projecting a move toward $0.140-$0.145.
However, several on-chain indicators suggest downside exhaustion is approaching. Whale accumulation has intensified, with large wallets absorbing 4.72 billion DOGE over two weeks. Crucially, exchange net inflows have turned positive for the first time in six months, a historical precursor to relief rallies. Furthermore, momentum indicators like RSI show bullish divergence against the new price lows.
Traders are watching key catalysts, including a potential Section 8(a) DOGE ETF decision within the next seven days. The immediate price action hinges on reclaiming $0.155 to negate the breakdown, while continued positive exchange flows would strengthen the reversal thesis against the backdrop of extreme fear in the broader crypto market.
(Source：CoinDesk)