Investors Flee DOGE Spot Markets: Is Another Price Drop Imminent?

Dogecoin investors have withdrawn over $120 million from spot exchanges since early April, signaling significant selling pressure on DOGE. Spot market inflows remain minimal, at less than $5 million, highlighting weak buying interest and dwindling investor confidence.

This sustained outflow, exceeding $120 million over the past two weeks, reflects increased selling pressure on Dogecoin. Conversely, inflows have been negligible, according to Coinglass data. Source: Coinglass

This disparity between withdrawals and deposits suggests investors are either selling their DOGE or moving it off exchanges. The overwhelming trend points towards selling, indicating weakening investor sentiment. The lack of new investment further contributes to the downward price pressure. Without a shift in this trend, DOGE may struggle to maintain its current price or could experience further declines.

Technically, Dogecoin's Relative Strength Index (RSI) supports a bearish outlook. Currently at 47.61 (below the neutral 50), the RSI suggests weakening price momentum. This, combined with the ongoing withdrawals, suggests caution among traders and potentially limits further price increases, or even pushes prices lower. Source: Tradingview

Dogecoin (DOGE) is currently trading at $0.1654, down 1.32% in the last 24 hours. However, it has rebounded approximately 25% from recent lows around $0.13. Despite this recovery, DOGE remains down 47.5% year-to-date, consolidating below the key resistance level of $0.17. Price action is currently consolidating below the $0.166–$0.168 supply zone. A decisive break above this zone could trigger a move towards $0.195–$0.21, where previous swing highs are located. Source: Tradingview

While the RSI is currently neutral and volume shows early signs of accumulation, failure to hold the $0.155 support could lead to further declines towards $0.143. Market momentum is largely driven by sentiment, influenced by whale activity, social media engagement, and broader market news. Analysts are monitoring potential technical indicators like a "golden cross" on the 4H chart, while others caution against a rejection at $0.17, which could lead to a price drop below $0.15 before any sustained rally.

Price Prediction: Given the current market structure and buying pressure, a price target of $0.178 within the next 4 days is possible, contingent on breaking above $0.17 with sustained volume.