Today, Dogecoin ($DOGE) is a bit 'deflated', and the price has dropped a little more. What exactly is happening behind this?

On-chain funds are quietly flowing out

According to Coinglass data, on August 7th, approximately $1.37 million worth of Dogecoin flowed out of exchanges. Although this number is not large, it indicates that some funds are quietly withdrawing, and the market's short-term confidence is also in question.

Short-term chart performance is not very optimistic

From the 30-minute chart, DOGE has recently been stuck in the range of $0.205 to $0.207, bouncing back and forth, and it has barely breached the VWAP (Volume Weighted Average Price) a few times. The RSI is currently around 60.67, but the trend is starting to flatten, and buying pressure is obviously a bit hesitant.

Daily level: significant pressure

From the daily chart, last week's 'super trend' indicator has flipped to a bearish signal, forming a clear resistance wall at $0.246. At the same time, the DMI indicator shows that market directional sense is very weak, with both bulls and bears on the sidelines, and momentum is not strong.