Dogecoin's price has risen 39% week-on-week, but a recent dip suggests a possible correction. With over $7 billion worth of DOGE on exchanges, the highest in six months, selling pressure could push prices down. Historical data indicates that increased exchange balances often precede sell-offs. Currently, over 26.1 billion DOGE are held on centralized exchanges, indicating that holders may be preparing to sell. If this trend continues, a decline from $0.265 to $0.22 or lower could occur. Additionally, HODL Waves show a bearish shift, with mid-term and short-term holders exiting their positions. The critical support level to monitor is $0.24; if DOGE falls below this, it could signal further declines. Previous spikes in exchange balances have led to corrections of 8% and 33%. A drop towards the $0.22–$0.20 range is plausible, and a breach below $0.17 could indicate a significant downturn. Conversely, a rise above $0.28 could reverse this bearish outlook. Read more AI-generated news on: https://app.chaingpt.org/news

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