Dogecoin Price Forecast: DOGE whale transactions fell by more than 70%; bearish move ahead
Dogecoin price continues to trade lower to $0.24 after falling more than 7% the previous week. The technical outlook suggests a further correction as RSI and MACD indicators signal bearish divergences. Santiment data shows that DOGE whale transactions are falling, indicating weakness. Dogecoin (DOGE) continues to trade down around $0.24 after falling more than 7% in the previous week. The technical outlook suggests a further correction as DOGE’s momentum indicators reflect bearish divergences. Santiment data show that DOGE whale transactions are falling, indicating signs of weakness. Dogecoin whale activity has fallen off a cliff Dogecoin price has fallen more than 30% since mid-January and continues to edge down. According to Santiment data, DOGE whale transactions have also declined with its price. The graph below shows that DOGE’s $100K+ weekly whale transactions have declined from 20,200 to 6,200 since early November. Moreover, more than $1 million in weekly transactions have also fallen from 3,490 to 850 during the same period, indicating weakness in whale accumulation. Doge weekly whale transactions chart. Source: Santiment Dogecoin technical outlook: Momentum indicators show a bearish move ahead Dogecoin’s weekly chart declined 7.15% last week, closing below its 50% price retracement level (drawn from an August 14 low of $0.05 to a December 2 high of $0.48) at $0.27. At the start of this week on Monday, it hovers around $0.24. If DOGE continues to decline, it could extend the correction to retest its weekly support at $0.18. The Relative Strength Index (RSI) indicator on the weekly chart reads 48, below its neutral level, indicating a rise in bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicators also show a bearish crossover on the weekly chart, suggesting a continuation of the downward trend. DOGE/USDT weekly chart Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.