Dogecoin News: Dogecoin ETF Whales Bet As Price Crashes
Dogecoin records the lowest multi-month performance as exchange flows become bullish, whales accumulate 4.72B DOGE, and traders are looking at a high-stakes DOGE ETF window.
Dogecoin fell to new multi-month lows with a sudden intraday decline busting a key technical floor, although on-chain indicators had become more positive than at any point in six months.
The relocation established a rare divide between price action and exchange flows that has begun to draw high conviction buyers at reduced levels.
In 24 hours, the memecoin declined by 7.42% down to 0.149 and through the key 0.155 support level that maintained the new consolidation band.
Volume increased by approximately 18% above the weekly average during the slide, indicating that it was driven by larger participants, not just short-term retail investors.
DOGE breaks support as flows flip
The selloff undercut Dogecoin to the 0.5 Fibonacci retracement of its previous bull leg and dumped price directly into the bottom of a one-year-long descending triangle.
Sellers swept through multiple intraday levels, and the market sought a temporary footing in the 0.149 to 0.151 area.
Even with these new lows, momentum measures started to separate from price. Relative strength began to grind upward even as DOGE printed new local lows, with new MACD death cross signals losing their initial energy and the implication of decelerating downside momentum.
Such a background was followed by exchange net flows on DOGE turning positive for the first time in months, which has historically shown a tendency to cluster near bottoms on a short-term basis.
CoinDesk has noted that inflows into trading platforms have shifted to positive, the first in several months, a trend that had been in line with relief flows following capitulation-style declivities.
This flow data structural turn landed at a time when more general crypto conditions were under strain and sentiment indicators had lingered in extreme fear.
Related Reading: Dogecoin News: Dogecoin Targets $0.17: Early Signs of Bullish Reversal Spark Curiosity
Whales load 4.72B DOGE as ETF window nears
Mass holders entered the vulnerability in bulk, accumulating 4.72 billion DOGE, or about 770 million dollars at current values, in the last two weeks.
Such accumulations were driven by the fact that spot prices were moving down and the long-horizon wallets were ready to take in supply by smaller or more tactical sellers.
The market coverage of Coindesk indicates that the scale of such purchasing activity has historically accompanied the strong hands absorbing coins and retail flows capitulating, which raises the likelihood of a market bottom being created.
The same 4.72 billion DOGE accumulation has been identified as a major factor in the existing price and positioning mismatch when tracked by separate feeds that monitor both Web3 and on-chain flows.
Meanwhile, a possible DOGE exchange-traded fund ruling sits now within a window of Section 8(a) during the next week, forming a decisive binary catalyst on top of the on-chain move.
Three short-term price areas are now being targeted by market participants: a reclaim of 0.155 to disqualify the breakdown, defense of 0.149 to 0.150 to prevent the rapid downward slide, and the lower 0.145 to 0.140 band, which the completed triangle implies.
The post Dogecoin News: Dogecoin ETF Whales Bet As Price Crashes appeared first on Live Bitcoin News.
You May Also Like
Bitcoin, Ethereum, XRP and Solana show monthly buy signals on TD Sequential
Amanah says political rivals stoking racial hatred ahead of Johor polls
