An analyst predicts DOGE may face further declines, supported by bearish trends in Solana, Ethereum, and other major projects.
A massive 1.74 billion DOGE transfer to Robinhood raises potential sell-off concerns, influencing market sentiment.
Dogecoin (DOGE) has been negotiating a complicated phase defined by resistance and changing market sentiment. The present state of DOGE is clarified by a new
analysis
by well-known crypto analyst Alan Santana on TradingView.
Santana writes DOGE saw a bearish drive following notable opposition in May. August saw a change in this trend as a bullish wave surfaced, driving the price toward this resistance level, emphasized on graphs with a strong orange line.
Source: Alan Santana on TradingView
Possible Scenarios for DOGE Next Move
DOGE
exceeded its past high in recent price action, which set off stop-loss orders and a flood of selling. The final three-day candle’s deep red indication of commencement of consolidation clearly shows this sell-off. From this point, Santana lists two possible situations that might develop.
The first scenario corresponds to the actions of late October, when a few sessions resulted in a bullish surge and a swift reverse. Santana leans toward the second scenario, which implies that a possible price drop results from the exhaustion of optimistic momentum already.
More general market trends affect Santana’s inclination for the second scenario. He underlines how strongly negative his most recent analysis on big cryptocurrencies like
Solana
and Ethereum shows. This sentiment is repeated in several little and big ventures with bearish chart patterns.
Furthermore, low trading volume supports the anticipation of a market correction before the expected 2025 bull market. Supported by current chart data, Santana claims that such price declines are expected for the state of the market.
Adding to this cautious view, CNF earlier
noted
on a noteworthy transaction involving 1.74 billion DOGE being moved to Robinhood, indicating possible sell-off pressure. Such mass movements often cause questions regarding their influence on market pricing.
Notwithstanding this possible pressure, several analysts have a positive view of DOGE, particularly considering that November has always produced gains—boosted even by Bitcoin’s soaring impact on market sentiment.
Meanwhile, DOGE is trading
$0.1518
as of writing, a
5.34%
drop over the last 24 hours. Along with this decline, its market cap has dropped below $23 million.
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