- Dogecoin has experienced a 14.98% decline in the last seven days.
- Despite the price decline, Doge enjoys low liquidation rates and increased whale activity
Dogecoin [DOGE] has experienced a sharp decline in the last month. Over the last 30 days, Doge has reported a 14.98% price decline and a 7.46% decline in the last seven days.
DOGE was trading at $0.1342, a 1% reduction in the last 24 hours, according to CoinMarketCap.
Source: Tradingview
According to AMBCrypto’s analysis, DOGE is set to stabilize around $0.123. In the short run, DOGE prices will likely consolidate between $0.12 and $0.15.
However, analysis indicates it’s likely to hit $0.17 to $0.2 in a bullish long-run scenario.
Thus, with higher sell-offs, DOGE is likely to test the $0.12 support level, while continued market activity would lead to a breakout above the $0.169 resistance level.
Source: Tradingview
Looking further, the RSI at 36 indicates the possibility of an upcoming bullish run. The indicator shows a potential reversal if the market holds and the RSI rises. Despite the existing bearish trend, future reversal is a possibility.
Equally, data from Coinglass indicates low liquidity levels in the last seven days. On 15th June, DOGE reported meager liquidation rates for both shorts and long positions, each reporting $61.6k and $139.2k, respectively.
Short positions report $105.7k at press time, while long positions have $1.07 million. Short and long positions liquidation shows that the market is consolidating at the current rates while enjoying stability.
Source: Coinglass
However, short-position investors are in more favorable conditions. This has resulted in increased accumulation for both sides and positive future price sentiment.
In detail, according to Santiment, Whales with over $5 million are increasingly accumulating their assets. At press time, over 52% of assets are accumulated by whales with over $5 million.
The accumulation by whales and reduced liquidation implies positive market sentiment.
Source: Santiment
DOGE market sentiment
DOGE has continually declined in the past seven days. However, investors remain optimistic, with increased accumulation by whales of over $5 million and reduced liquidation.
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If a negative market sentiment persists, DOGE will need to test the local weak support level of around $0.12.
However, if the selling pressure persists, the market will get a reversal and breakout off the resistance level of around $0.169.
