Dogecoin (DOGE) Price Prediction: 14% Drop Possible as Accumulation Increases

Dogecoin, the main coin of the crypto market, continues to trade in a horizontal channel. Buying pressure may very well not yet be enough to trigger a breakout.

The price of Dogecoin (DOGE) has been on an uptrend in recent days, but its momentum appears to be fading. Despite ever-increasing accumulation, DOGE could see a 14% decline due to low whale activity.

The price of Dogecoin (DOGE) has been on an uptrend in recent days, but its momentum appears to be fading. Despite ever-increasing accumulation, DOGE could see a 14% decline due to low whale activity.

Key points to remember:

Key points to remember:

Key points to remember:

* Dogecoin is trapped in a horizontal channel due to insufficient demand.

* Dogecoin is trapped in a horizontal channel due to insufficient demand.

* Weak whale activity and reduction in large investor holdings are hampering DOGE's advance.

* Weak whale activity and reduction in large investor holdings are hampering DOGE's advance.

*If the resistance level is not breached, DOGE could drop to $0.10, resulting in a 14% decline.

*If the resistance level is not breached, DOGE could drop to $0.10, resulting in a 14% decline.

Dogecoin demand and whale activity

Dogecoin demand and whale activity

Dogecoin demand and whale activity

DOGE's Money Flow Index (MFI), which tracks capital flows in and out of the asset, has been trending upward in recent days. In general, a growing MFI indicates an increase in demand for an asset, which could suggest a positive outlook for DOGE.

DOGE's Money Flow Index (MFI), which tracks capital flows in and out of the asset, has seen an uptrend in recent days. In general, a growing MFI indicates an increase in demand for an asset, which could suggest a positive outlook for DOGE.

However, Dogecoin's sideways movement over the past few weeks indicates that this demand has not been strong. Therefore, an advance beyond the upper line of the horizontal channel seems unlikely. The asset could meet resistance at $0.11.

However, Dogecoin's sideways movement over the past few weeks indicates that this demand has not been strong. Therefore, an advance beyond the upper line of the horizontal channel seems unlikely. The asset may encounter resistance at $0.11.

Lower whale activity further supports this perspective. On-chain data reveals a gradual decrease in their activity. The number of large transactions (between $100,000 and $1 million) has even seen a decline.

Lower whale activity further supports this perspective. On-chain data reveals a gradual decrease in their activity. The number of large transactions (between $100,000 and $1 million) has even seen a decline.

Additionally, large investors in the DOGE token have reduced their holdings over the past month. This indicates a high distribution from investors holding at least 0.1% of the circulating supply.

Additionally, large investors in the DOGE token have reduced their holdings over the past month. This indicates a high distribution from investors holding at least 0.1% of the outstanding supply.

Price forecast: 14% drop possible

Price forecast: 14% drop possible

Price forecast: 14% drop possible

With weak whale activity, Dogecoin's attempt to break above the resistance level could be difficult. Since large moves are usually led by whales, failure at this level will drive the price of the same coin towards support at $0.10.

With weak whale activity, Dogecoin's attempt to break above the resistance level could be difficult. Since large moves are usually led by whales, a failure at this level will send the price of the same coin towards support at $0.10.

If the bulls fail to defend this critical level, the downtrend will continue thereafter. Ultimately, DOGE's value could fall another 14% to its August 5 low at $0.08.

If the bulls fail to defend this critical level, the downtrend will continue thereafter. Ultimately, the value of DOGE could fall another 14% to its August 5 low of $0.08.

However, if demand strengthens, the currency will manage to break through resistance and aim for the highest price in the last three months at $0.15.

However , if demand strengthens, the currency will manage to break through the resistance and aim for the highest price of the last three months at $0.15.

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