Altcoins News
By James Thorp
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Dogecoin (DOGE) finds itself at a critical point in the market cycle. While prices remain under pressure and the crypto coin trades in a tight range, signs are emerging that not…
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After weeks of being caught in long squeezes and heavy sell-offs, DOGE has struggled to regain bullish momentum.
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Open Interest (OI) in Dogecoin has remained surprisingly stable despite recent volatility. Hovering between $2.65 billion and $3.
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However, on-chain metrics paint a very different picture. New wallet creation and daily active addresses have both stagnated, showing little to no crowd participation.
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Adding weight to this theory is the behavior of DOGE whales. On May 26, a major transaction involving 200 million DOGE was pulled from the Robinhood exchange.
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In comparison to other altcoins, DOGE’s resilience is becoming more noticeable. Ripple (XRP), for example, has already broken below a crucial support level at $2.
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This strength, however, comes with significant risk. The current setup shows that more than 75% of the DOGE/USDT perpetual contracts on Binance are long positions.
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In the past 24 hours alone, long liquidations accounted for 72% of leverage-driven wipeouts in DOGE positions.
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The danger is clear: if the support around $0.21 fails, and especially if the $0.20 psychological level is breached, a rapid decline could follow.
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On the other hand, if smart money continues defending the current range and accumulation quietly builds, the setup could be primed for a sudden and unexpected breakout.
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For now, Dogecoin sits at a crossroads. The fundamentals suggest a potential reversal is in play, but the technical risks remain high.
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