After failing to break through $0.09, DOGE continued to face downward pressure. The price subsequently dropped below $0.085, which had served as support multiple times over the past week, briefly falling to around $0.081. At the time of writing, DOGE was trading at approximately $0.082, down over 3% on the day and about 4% for the week.
Significant sell orders near $0.088
Looking at on-chain and trading data, the current selling pressure primarily comes from large funds. Over the past week, the average spot order size has remained consistently positive, indicating a continuous presence of substantial orders in the market. Whenever DOGE attempts to reclaim $0.09, particularly near $0.088, sell orders significantly increase.
This indicates that a strong resistance level has formed between $0.088 and $0.09. The data cited in the article suggests that large holders have consistently sold off their holdings within this price range, which is a key reason for DOGE’s rebound being halted.
Exchange net inflow is high.
The exchange's fund flows reflect a similar pattern. On June 19, DOGE recorded approximately $23 million in inflows over a 12-hour period, with approximately $20 million in outflows during the same time; over an 8-hour period, inflows amounted to approximately $12 million and outflows to approximately $10 million.
- Approximately $23 million flowed in over 12 hours.
- Approximately $20 million flowed out over 12 hours.
- Approximately $12 million flowed in over 8 hours.
Inflows exceeding outflows typically indicate that more tokens are being deposited onto trading platforms, potentially increasing selling pressure. If this condition persists, market structure often weakens further, making prices more likely to continue declining.
Active addresses rise to a two-year high
However, weaker price action does not mean on-chain usage is cooling down. Santiment data shows that DOGE’s daily active addresses rose to 42,000 on June 19, reaching a two-year high and approaching the peak activity levels seen in April this year.
An increase in active addresses indicates that network participation remains strong. This type of data typically suggests that on-chain usage has not significantly declined, providing some fundamental support for the price. If new addresses continue to rise, increased demand at lower levels may help alleviate further downward pressure on DOGE.
$0.08 becomes a short-term observation level.
From the current price action, sellers still dominate. The trend indicators mentioned in the article suggest that downward momentum continues to strengthen; if DOGE fails to stabilize in the short term, it could break below $0.08 and continue testing the $0.07 level.
However, if on-chain activity remains high and new participants continue to buy at lower levels, DOGE still has the potential to rebound toward $0.09. In the short term, support below $0.08 and resistance between $0.088 and $0.09 will be key levels for the market to watch.