coinjournal.net
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Key takeaways
Dogecoin edged higher on Tuesday after testing $0.0800, offering signs of stabilization following Monday’s 5% decline.
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$DOGE traded around $0.084, but ETF withdrawals, declining supply concentration among large wallets and weak technical momentum continued to weigh on its recovery outlook.
The token remains below key moving averages, leaving buyers facing a test of whether nearby support can hold.
$DOGE-focused exchange-traded funds posted $399,460 in net outflows on Monday, according to SoSoValue data.
The withdrawals followed a week of no net flows, suggesting weaker demand through those investment products.
Redemptions can reduce a source of buying support, although one session’s flows do not establish a lasting change in institutional sentiment.
The figures also do not, by themselves, show where the withdrawn capital was subsequently invested.
Santiment data shows that wallets holding more than 100 million $DOGE account for 69.74% of circulating supply, down from 70.02% on September 1.
That represents a decline of 0.28 percentage points in the cohort’s share. The change suggests reduced supply concentration among the largest addresses.
However, wallet categories can include exchanges and other entities, and a lower percentage does not necessarily confirm that all affected tokens were sold.
Combined with ETF outflows, the data adds caution to the near-term demand picture.
At $0.084, Dogecoin trades below its 50-day exponential moving average at $0.0876 and its 200-day EMA at $0.0923.
Those levels form the main resistance barriers identified in the analysis and reinforce the bearish short-term structure.
Momentum indicators remain weak. The Moving Average Convergence Divergence indicator has crossed below zero, while the Relative Strength Index is near 39.
The RSI reading indicates subdued buying momentum but remains above the conventional oversold threshold of 30.
The immediate downside reference is $0.0800, corresponding to the February 6 low. A confirmed breakdown below that level could bring the July 23 low at $0.0683 into focus.
That would represent roughly a 15% decline from support, or approximately 18% from the quoted $0.0829 price.
On the upside, a sustained recovery above $0.0876 would help ease immediate pressure. The next major hurdle would be the 200-day EMA near $0.0923.
For now, the rebound from $0.0800 shows buyers defending support, but stronger demand and improving momentum are needed to establish a more durable recovery.
