Dogecoin Faces Selling Pressure and Bearish Indicators

Dogecoin, the leading memecoin, continues to draw attention from traders and investors. Despite a decline in price over the past five months, recent developments ahead of Q4 2024 have raised questions about a potential breakout. Dogecoin has shown a pattern of decline, with key resistance levels indicating potential selling pressure from large holders.

Significant Whale Buying and Selling Pressure

According to IntoTheBlock, significant whale buying has occurred between $0.085278 and $0.100710, where whales remain in profit. However, traders should be cautious, as there is a notable cluster of sellers between $0.101381 and $0.116812, posing a challenge to DOGE's upward movement.

Key Resistance at $0.11 May Hinder DOGE's Price Rise

A key resistance point at $0.11, involving over 23,000 addresses with over 31 billion DOGE ready to short, may further hinder DOGE's price rise. The recent price action of DOGE/USDT pairs suggests a downward bias, with historically formed triangle patterns leading to price surges.

Source: https://ambcrypto.com/dogecoin-faces-resistance-at-0-11-will-whales-push-doge-lower/

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