$DOGE continues to weaken as long-term holders start to sell off
Dogecoin is experiencing its third consecutive week of decline, falling to the 0.17 USD zone after a 5% drop the previous day. On-chain data shows that the 'sleeping' supply is being activated, indicating that long-term holders are starting to take profits.
According to Santiment, the Mean Coin Age index has sharply decreased from 404 to 375 days, reflecting the flow of old coins back into circulation. The Spent Coins Age Band index has also skyrocketed, with over 693 million DOGE sold by 1–2 year holders, the highest level since May. This is an early warning signal that selling pressure is increasing.
In the derivatives market, data from CoinGlass shows that Open Interest (OI) has decreased from 1.48 to 1.43 billion USD, indicating that traders are reducing their positions and withdrawing from DOGE.
In technical analysis, DOGE couldn't break through the resistance zone of 0.185 USD, causing the price to plummet to 0.17 USD. If the selling trend continues, the next target is 0.157 USD, and it could even return to the bottom zone of 0.128 USD.
The RSI indicator is slipping down to the 40 zone, and the MACD is about to create a bearish crossover, both reinforcing the bearish trend.
However, if DOGE bounces back and surpasses the 0.185 USD mark, the price could recover to the 50-day EMA (0.199 USD), opening up a short-term recovery opportunity.
