Dogecoin whales are selling off large amounts of DOGE, indicating risk aversion. The declining open interest and daily active addresses for DOGE suggest reduced demand. A rising wedge pattern points to a potential 45% price drop. The largest holders have been offloading DOGE during price declines, signaling lack of confidence in a rebound.

Investor interest in DOGE is low, with futures open interest dropping to $3.24 billion from a peak of $5.35 billion. Wallets holding $10-$100 million DOGE have decreased by 6%. Large holders distributing assets during price drops signals potential further declines.

The number of daily active addresses on the Dogecoin network has significantly dropped to 58,000. This suggests weak network activity and waning retail interest. A technical analysis indicates that DOGE could see a 45% decrease in price, with a target of $0.12 if it breaks below the rising wedge pattern.

The relative strength index (RSI) for DOGE has fallen to 49 from overbought conditions at 85 on July 20. DOGE price must stay above the $0.19-$0.20 zone to avoid further losses toward $0.16. This article does not provide investment advice, and readers should conduct their research before making decisions.

Read more at Cointelegraph: Dogecoin Price Technicals Hint at $0.12 DOGE Price Target Amid Whale Distribution