Dogecoin
Dogecoin Tests Multi-Year Monthly Trendline as Large Holders Accumulate
Technical analysts note Dogecoin is testing a long-term monthly support line as on-chain data shows large wallets adding 600 million tokens.
Dogecoin traded near $0.0802 on October 17, marking a decline of roughly 7.6% from its weekly opening level of $0.08678. The token touched a low of $0.07770 during the weekly session and slipped below the $0.081 reference level, according to market data.
Technical analyst Trader Tardigrade stated that the asset returned to a multi-year monthly support trendline previously tested in 2017 and 2020. Meanwhile, analyst Ali Martinez highlighted a daily TD Sequential buy signal around $0.081, an indicator used to identify potential exhaustion in price trends without confirming an immediate reversal.
On-chain metrics tracked by Santiment revealed that large holders accumulated approximately 600 million DOGE between October 12 and October 17, bringing aggregate balances from 55.6 billion to 56.2 billion DOGE. Additionally, CoinGlass data identified modeled liquidation concentrations near $0.0773 and $0.0844, while Glassnode figures showed a cluster of roughly 36 billion DOGE previously transferred around the $0.081 mark.
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