Dogecoin Price was riding Wild this September. After winning more than 54% in three months, Meme Coin has pulled back nearly 5% in the last 24 hours. Traders fear that the rally is cooled, but when you see it well, a fight is taking place beneath the surface.
Retail wallets are rushing to sell, but the whales quietly stepped in to keep up with the trend. The question now is whether Doge Price is enough to regain $0.29, whether it’s at the next leg’s decision level.
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Sellers and buyers move to tandem, but one group has an edge
Data shows that the change in exchange positions (coin flows inside and outside the trading platform) has been strongly positive since news broke that the Dogecoin ETF was delayed on September 11th.
Positive readings indicate higher sales pressure, meaning more Doge is deposited than withdrawing. Between September 7th and 15th, exchange balances swelled at Doge (nearly $12.9 billion), with the highest inflow in a month.
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At the same time, the whales were active. Over 1 billion Doge holders added 540 million tokens ($140 million) between September 13th and 15th.
Another cohort holding 10-100 million Doges has increased their stash to 350 million tokens ($91 million). In total, whales absorbed approximately 890 million ($231 million) in just a few days. This covers only a portion of retail sales (18% at press), but I am sure there is still life in the wider trend.
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But for now, sellers are holding the edge. Their influx outweighs the purchase of whales, which explains Dogecoin’s latest dip.
Dogecoin Price Chart Outlook: Can Doge get back $0.29?
The four-hour chart suggests that the seller may be losing steam. Take a look at the four-hour chart here to capture early trend shifts within the wider assembly.
Despite the corrections, Doge formed a bullish divergence hidden in RSI (relative strength index). This tracks momentum by comparing profits and losses. Doge Price has been forming a higher low since September 7th, while RSI is forming a lower low. This often indicates that sales momentum may weaken and the upward trend may resume.
Key level is currently playing. Support is $0.25 and $0.23. The advantage is that recalling $0.29 sets the stage for a push to $0.30 or more. The significant resistance of $0.29 identified on the chart is consistent with analysts’ views on Doge’s price patterns.
For now, Dogecoin is at a crossroads. Retail sales have an advantage, but whales are the last line of defense. If sales were eased and a whale conviction was brought, Doge was able to find the momentum it needed to regain $0.29. However, penetration under $0.23 will neutralize the remaining bullishness for now.
