Due to the ongoing negative market, Dogecoin’s [DOGE] price behavior did not satisfy investors. DOGE was down more than 15% in the previous seven days, according to CoinMarketCap statistics, and was trading at $0.08782 with a market value of more than $11.6 billion at press time.
Despite its poor performance, DOGE has maintained a strong following among whales. DOGE was among the top ten acquired tokens among the 100 largest BSC whales in the previous 24-hours, according to WhaleStats, a famous Twitter account that broadcasts information regarding whale behavior.
The most intriguing aspect about DOGE was that it remained popular in the larger crypto world, not only among whales. In terms of social domination, the memecoin was second only to QUACK on the list of top memecoins.
Furthermore, Santiment’s analysis suggested that, despite the whale interest and enhanced social dominance, investors may face a few more difficult days. The Market Value to Realized Value (MVRV) Ratio of DOGE has declined in the recent week.
This was a generally bad indicator for a blockchain. Not only that, but DOGE’s daily active addresses have decreased in the last month, indicating a decrease in network users.
The rest of the measures, on the other hand, provided a hazy notion of why the whales trusted DOGE. As its Binance financing rate increased over the previous week, the top memecoin in terms of market value drew attention from the futures market.
Furthermore, DOGE’s velocity followed suit and climbed, indicating a likely trend reversal in the following days.
Though a number of the measures pointed to a price increase, DOGE’s daily chart suggested that the currency may have a few challenging days. For example, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) both showed small declines, indicating a negative trend.
The Moving Average Convergence Divergence (MACD) also showed a bearish crossing. The Bollinger Bands (BB) indicator suggested that DOGE’s price was in a constrained zone, lowering the likelihood of a northern breakout.
The Exponential Moving Average (EMA) Ribbon, on the other hand, revealed that the bulls had the upper hand in the market. This was due to the fact that the 20-day EMA was somewhat higher than the 55-day EMA.
