After failing to break through $0.09, DOGE continued to face downward pressure. The price subsequently fell below $0.085, which had acted as support multiple times over the past week, briefly dipping to around $0.081. At the time of writing, DOGE was trading at approximately $0.082, down over 3% on the day and about 4% for the week.
There was significant selling pressure around $0.088.
Looking at on-chain and transaction data, the current selling pressure mainly comes from large-scale funds. Over the past week, the average spot order size has remained positive, indicating that there have been consistently large orders in the market. Whenever DOGE attempts to regain $0.09, especially when it approaches $0.088, sell orders increase significantly.
This means that strong resistance has formed in the $0.088 to $0.09 range. The article cites data suggesting that continued selling by whales in this price range is a key reason why DOGE's rebound has stalled.
High net inflows into exchanges
Exchange fund flows also reflect a similar situation. On June 19, DOGE recorded an inflow of approximately $23 million over a 12-hour period, while an outflow of approximately $20 million occurred during the same period; over an 8-hour period, an inflow of approximately $12 million occurred, while an outflow of approximately $10 million occurred.
- Approximately $23 million flowed in within 12 hours.
- Approximately $20 million flowed out in 12 hours.
- Approximately $12 million flowed in within 8 hours.
Inflows exceeding outflows typically mean more tokens are being transferred to exchanges, increasing potential selling pressure. If this situation persists, the market structure tends to weaken further, and prices are more likely to continue their downward trend.
Active addresses rise to a two-year high
However, the weakening price does not necessarily mean a simultaneous cooling down of on-chain activity. Santiment data shows that DOGE's daily active addresses rose to 42,000 on June 19, a high in nearly two years and approaching the high activity levels seen in April of this year.
An increase in active addresses indicates that network participation remains high. This type of data typically suggests that on-chain activity has not significantly decreased, providing some basic support for the price. If the number of new addresses continues to grow, the low demand may help alleviate further downward pressure on DOGE.
$0.08 becomes a short-term level to watch.
Judging from the current trend, sellers still dominate. The trend indicators mentioned in the article show that downward momentum is still increasing. If it cannot stabilize in the short term, DOGE may fall below $0.08 and continue to test the $0.07 area.
However, if on-chain activity remains high and new participants take over at low prices, DOGE still has a chance to return to around $0.09. In the short term, the support level below $0.08 and the resistance level between $0.088 and $0.09 will be the focus of market attention.
