Dogecoin price had once been a well-talked topic within the crypto space as it was largely responsible for igniting the 2021 bull run. The 80% hike, followed by a 100% hike for three days straight, attracted the public’s attention. The DOGE price, however, lost its hold just as all other assets reached their peaks and has since been falling sharply.
As seen in the above chart, the DOGE price has been largely consolidated within the 0 & 0.23 FIB levels, failing to surpass the latter levels multiple times. If the trend continues, the price may be compressed between the 0.23 FIB level and the lower trend line, which could relieve the tension by bringing about a significant upswing in the near future. In such a case, a jump towards the next FIB levels at 0.38 at $0.07 may be expected soon.
While a bullish scenario prevails, the on-chain metrics continue to flash bearish signals!
A Huge Drop in Development Activity
The development activity on the platform has dropped heavily over the past couple of months. Moreover, fewer possibilities for a rise may be anticipated, which may in turn harm the DOGE price in the coming days.
Huge Drop in the Whale Holdings
The above chart signifies that the whales have been constantly losing their hold since the beginning of 2022. The holders holding between 10K and 10M DOGE have witnessed nearly a drop of more than a billion tokens at the moment.
Massive Slash in the Daily Active Address
The number of active addresses was rising slightly after the price rebounded from the lows in June. However, the levels have dropped below the previous lows, indicating the shift of focus of traders to other platforms.
Collectively, the Dogecoin(DOGE) price continues to remain within the influence of the bears and that said, is more prone to shed more gains in the coming days.