Are Dogecoin [DOGE] traders hitting the brakes? The big hands are still making moves, but the greater market still seems unconvinced.
Effects on Dogecoin price? Here’s what we know.
No pressure to buy?
The Taker CVD tells who is dominating activity. Recent data, per Cryptoquant, has shown sellers gaining an edge.
There used to be better buying interest, with traders actively opening positions. Right now, though, it seems like there’s more sell pressure; buyers are sleeping with one eye open.
The drop is becoming much more evident…
Trading intensity has clearly fallen, especially when compared to earlier zones in Cryptoquant’s volume bubble map. The market is moving away from high-activity zones.
Looks like no one wants to be the first to open positions, so no one’s doing anything at all.
What’s interesting, though, is that the bigger players are here to stay. Average Order Size data showed that bigger orders are still appearing.
Dogecoin price holds
Despite all the mixed signals from futures data, Dogecoin price has managed to hold its recent gains. This was after a big move up in late August.
Per TradingView data, DOGE climbed up from the $0.07 zone toward the $0.09 area. Following that, there’s only been a consolidation phase.
Buying strength is still present, despite slowing pace post peak levels. This is evident from RSI being above the neutral zone.
Meanwhile, the MACD also proved slowing pace, so we’ll need a wave of buying to help cause another move higher.
AMBCrypto previously reported that Dogecoin entered a rare CVDD undervaluation zone. This is a level that has so far appeared near major turning points. A bottom isn’t obvious, but perhaps long-term buyers should start watching closely.
Final Summary
- Dogecoin sellers are taking control as trading activity slows down.
- Price is holding, helped by whales staying active.
