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Dogecoin is currently under considerable pressure, with November proving to be a particularly difficult month for the popular meme-driven cryptocurrency. Currently, the price of Dogecoin is about $0.18, down about 27% from this month’s high, although it has rebounded slightly by 1.2% in the short term. The latest market data shows that holder behavior is undergoing fundamental changes, which may indicate that there is still room for downside prices. Long-term wallet shows significant reversal On-chain data shows that the sentiment of older currency holders is undergoing a significant shift. According to Hodler's net position change indicator, on October 31, there was an inflow of 8.2 million Dogecoins and an outflow of 22 million Dogecoins, which is completely opposite to the previous trend. Glassnode data shows this 36% reversal in positioning behavior is the largest in recent weeks.  These long-term currency holders, who usually remained calm during market turbulence in the past, are now choosing to reduce their positions or sell, indicating that their confidence in short-term market conditions is declining. Once these long-term funds begin to exit, the market typically experiences sustained selling pressure that may be difficult to sustain at existing support levels. From a cost distribution perspective, the $0.177 to $0.179 range is the current main support area. Approximately 3.78 billion Dogecoins changed hands in this range, making this the strongest chip-intensive zone in the short term.  This area has blocked pullbacks on several occasions since early October, but if old holders continue to move or sell, the strength of the support will be weakened. Once the price falls below $0.17, with little apparent buying in the $0.14 range, a "vacuum zone" will form that could trigger an accelerated decline. Death Cross Pattern Adds Bearish Signal The technical aspect also further confirms the downward trend. Since the end of October, the 50-day moving average has crossed below the 200-day moving average, forming the first "death cross"”； The current 100-day moving average is also close to crossing the 200-day moving average again, which means that the second death cross is about to be confirmed.  This pattern usually represents a bearish turn in the long-term trend, suggesting overall market fragility and bearish pressure continuing to build. Unless there is obvious buying intervention, it will be difficult for Dogecoin to get out of a sustained rebound in the short term. Currently, DOGE faces significant resistance in the $0.20–$0.21 range. Since mid-October, this price has not been able to effectively break through, indicating heavy selling pressure from above. Only when buying power is strong enough to break through $0.21 and stabilize, the short-term downside risk will be significantly reduced. The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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