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Gate Square New & Returning Creator Rewards are ongoing!
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May Dogecoin Lose $0.20 Support in February?
Dogecoin fell 0.46% to $0.24 on Friday, February 7th. Bitcoin failed again to stay over $100k, causing market drop and selling pressure. As onchain whale activity drops, DOGE sellers may hasten the downturn.
1M+ weekly DOGE transactions dropped from 3,490 to 840, suggesting less investor participation.
A 30% drop is predicted by the double top reversal pattern breakdown for dogecoin.
The DOGE adjustment occurred between $0.22 to $0.173.
Over 60% DOGE Whale Trades Decline
Dogecoin whale activity has plummeted, with huge transactions drying up. On-chain analytics company Santiment reports a dramatic decline in $100K+ DOGE transactions from 20.2K to 6.2K weekly.
The $1M+ weekly DOGE transaction fell from 3490 to 840, indicating that significant investors have either accelerated or stopped accumulation.
The analysis platform tweeted that DOGE's whale behavior may indicate a resurgence in accumulating.
Reversal Pattern Could Break Dogecoin Price at $0.2
Dogecoin fell 28% from $0.34 to $0.248 in February's first week. Daily chart analysis shows the meme coin price broke down from the $0.26 double bottom neckline support.
The chart setup should include two important reversals resembling the letter "M," signaling heavy supply pressure from above.
The DOGE price may rise over the weekend and test $0.26 as resistance. If the pattern maintains, the asset might fall 29% to $0.174 after the collapse.
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