The crypto market has been showing signs of strength lately, and Dogecoin hasn’t been left out. The meme coin has jumped more than 16% in the past week, but over the last day, it’s been moving sideways.
Some on-chain and chart signals suggest sellers could be gearing up to take profits, leading to a short-term pause or pullback. Whether DOGE can keep climbing or start slipping could all come down to one critical support level.
Profit-Taking Pressure Builds, Inflows Back It Up
The percentage of addresses in profit for DOGE recently touched about 84%; the same level seen on July 27 before the price dropped from $0.24 to $0.19 in just a week. Historically, when too many holders are in profit, some tend to cash out.
Dogecoin price and percent of addresses in profit: Glassnode
Backing this up, exchange spot netflow has flipped from –$52 million on August 10 to +$2.7 million on August 11. More DOGE is moving into exchanges, often a sign that traders are preparing to sell.
DOGE spot inflows increasing: Coinglass
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SOPR Hints At A Cooling-Off, Led By Profit-Takers
The Spent Output Profit Ratio (SOPR) shows whether coins are being sold at a profit or loss. A reading above 1.0 means holders are taking profits.
Dogecoin price and increasing SOPR: Glassnode
On August 10, DOGE’s SOPR climbed to 1.045, close to the levels seen in late July, which was followed by quick pullbacks. It’s a sign the market could be near another short-term cooling-off point. Plus, an increasing SOPR aligns with the sell-based narrative.
Key Level On The Chart Could Decide What’s Next For Dogecoin Price
On the 4-hour chart, the DOGE price is hovering near $0.235, just under the falling trendline of a descending triangle pattern. This setup often leans bearish in shorter time frames, hinting at consolidation and not a breakdown.
The Fibonacci levels act as the base of the descending triangle, showing up as key support levels. Dogecoin price has broken past several levels aligned with the $0.23 mark. If $0.235 breaks, traders might have to watch for the following hints:
Dogecoin price analysis: TradingView
Support to watch: $0.22 — This level has held strong before. If it holds again, buyers may step in.
If it breaks, the Dogecoin price could slip lower.
Upside trigger: Clearing $0.24–$0.246 would break the triangle and give bulls another shot at $0.25+.
Breaking past $0.24 would invalidate the bearish triangle and keep the bullish momentum ongoing. For now, $0.22 is the line in the sand that could decide if DOGE keeps rallying or sees more red candles.
