Dogecoin whale activity drops to a 60-day low even as the meme coin tests key 2024 support levels and trades below its 200-day EMA.
Summary
Large-holder activity in Dogecoin has declined to its lowest level in 60 days, according to data shared by cryptocurrency analyst Ali Martinez on Sunday.
The number of high-value Dogecoin (DOGE) transactions dropped to four, down from a recent peak of 38, Martinez reported. The decline occurred as the token showed signs of a short-term price increase, raising questions about the sustainability of the movement.
Dogecoin whale position support
The data indicates that major holders have reduced their transaction activity despite recent upward price momentum, according to Martinez’s analysis shared with followers.
Dogecoin is currently trading near a support level that has been tested twice previously in 2024, according to technical analysis. The cryptocurrency is trading below its 200-day exponential moving average, a technical indicator often monitored by market participants.
The Relative Strength Index, a momentum indicator, has shown negative readings since a rally period that occurred between June and September ended, according to technical data.
Dogecoin, originally created as a parody cryptocurrency in 2013, remains among the most widely traded digital assets by market capitalization. The token has experienced significant volatility throughout its trading history, with price movements often influenced by social media activity and large-holder transactions.
The current decline in whale activity represents a notable shift from recent months, when large transactions reached levels nearly ten times higher than current figures, according to data.
