"Dogecoin Whales Vanish: Market Momentum at Risk"

Dogecoin's whale transactions have been declining significantly, raising concerns about the cryptocurrency's market momentum and future engagement. According to COINOTAG, the slowdown in large transfers signals a strategic retreat, leaving many analysts vigilant about Dogecoin's market stability.

The recent dip in Dogecoin's whale activities is quite alarming. Over the past few weeks, the number of large transactions valued at $100,000 or more has plummeted remarkably from 20.2k to just 6.2k. Concurrently, the transactions exceeding $1 million have declined from 3,490 to only 850. Such drastic reductions starkly indicate that major holders, or whales, are either liquidating their positions or becoming more inactive in the current market environment.

Whale transactions serve as a crucial indicator of market confidence. The slowdown suggests a potential withdrawal of liquidity, which could exacerbate existing bearish trends. Analysts note that without strong whale participation, the market may lack the momentum needed for a rebound. This disengagement may point toward a broader hesitance among investors, signaling a cautious approach amidst ongoing volatility.

Currently, Dogecoin is trading at approximately $0.24765, reflecting a notable decline from its December levels. The resistance level, indicated by the 50-day moving average at $0.33226, has been hard to overcome, maintaining downward pressure on price action. Moreover, DOGE is consistently failing to breach the Fibonacci 0.236 retracement level at $0.25608, a situation indicative of persistent bearish pressure.

Further analysis using Bollinger Bands reveals that DOGE is consolidating near its lower thresholds, which hints at limited price volatility. A failure to hold support around $0.20 may lead to the next support level of $0.20101, based on Fibonacci retracement markers.

Dogecoin's active addresses have witnessed a stark drop to 37.6k, a far cry from the 1.68 million peak in November. This decline illustrates a waning interest from retail investors, raising concerns about the longevity of Dogecoin's market presence. The MVRV Ratio (30-day) has also declined to -23%, indicating that the majority of Dogecoin