As the leading meme coin by market capitalization, Dogecoin currently has a market cap of approximately $23.28 billion, but its price has recently faced strong downward pressure. Data shows that the asset's annualized decline has reached 67%, and its daily performance is similarly weak, with a further drop of 2.4% in the past 24 hours.
In the current market environment, several on-chain indicators are showing noteworthy signals that may indicate a change in the future trend of Dogecoin.
Market sentiment is sluggish, but it may be in a continuous accumulation phase
According to the bubble risk model analysis, the current market sentiment regarding Dogecoin's valuation is low, which typically indicates that the asset is not overvalued. Instead, it may suggest that the market is in an accumulation phase rather than a selling period. This judgment aligns with the phenomenon of increased on-chain activity—Santiment data shows that the number of daily active addresses has significantly risen recently, with the latest reading reaching 73,560, reflecting a gradual warming of investor participation.
Spot demand is evident, but overall momentum remains limited.
From the perspective of capital flow, retail investors have maintained a net buying trend in the spot market for a consecutive week. The trading net flow indicator shows that recent buying power has slightly prevailed, with a net buying amount of approximately $50 million over the past week, accounting for about 2% of its total market value, with the most recent net inflow being about $3 million. However, the overall trading volume during the same period still shows a downward trend, reflecting that overall market sentiment is weak, which may suppress the continued rebound in prices.
Key technical levels and resistance analysis.
If market sentiment and funding align, Dogecoin is expected to test resistance near $0.14 in the short term. However, there remains a significant selling pressure area above—liquidation heat maps show that approximately 11.72 billion DOGE are concentrated in the $0.20 price range, forming a clear selling resistance zone. If the price rebounds to this area, it may trigger strong profit-taking pressure, leading to volatility in the trend.
In summary, Dogecoin is currently in a low-level consolidation and accumulation phase. Although there is some support from spot buying, overall market sentiment and trading volume still appear weak, and the upside is constrained by key resistance areas. Investors should pay attention to changes in trading volume and breakthroughs at key price levels to assess whether the trend is sustainable.
