Selling pressure drops, as billions of DOGE move off exchanges | Credit: Hameem Sarwar
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Key Takeaways
Dogecoin’s price consolidates near $0.25 after repeated rejections at $0.30.
Exchange outflows suggest reduced selling pressure and potential rebound.
Bullish MACD and megaphone pattern hint at a breakout toward $0.37.
Since mid-September, Dogecoin (DOGE) has been stuck in a sideways grind.
The once high-flying memecoin has lost upward momentum and has been unable to sustain earlier rallies that lifted other large-cap altcoins.
At $0.25, DOGE remains well below its recent peaks. Despite several brief attempts to push higher, Dogecoin’s price experienced rejections several times at $0.30.
Still, the lack of new highs doesn’t necessarily mean the bullish cycle is over. Here is why.
Dogecoin Bears Lose Stronghold
According to CCN’s findings, one reason Dogecoin’s price struggled to gain momentum through late September was the number of coins sitting on exchange wallets.
Data from Glassnode revealed that more than 5 billion DOGE were held on exchanges during that period. This was a sign that many holders were ready to sell, rather than moving them into long-term storage.
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However, that trend appears to be shifting. As of this writing, Dogecoin’s Exchange Net Position Change has dropped to 2.25 billion, meaning that a significant amount of DOGE has moved off exchanges into private wallets.
This decline typically signals reduced selling pressure. Further, such a change precedes a price rebound.
Supply tightens when fewer coins are available for sale on exchanges, creating conditions where even moderate demand can trigger a bounce.
If this trend of outflows continues into next week, DOGE’s price could finally build enough momentum to challenge the $0.27 resistance and possibly test $0.30 again.
DOGE Exchange Net Position Change | Credit: Glassnode
DOGE Price Analysis: Slow Grind Higher
From a technical perspective, CCN observed that Dogecoin’s price has formed a megaphone pattern. This structure signals rising volatility and a potential trend continuation or reversal.
This pattern indicates expanding price swings, suggesting that buyers and sellers are competing for dominance, with each move becoming increasingly aggressive than the last.
Typically, such a setup forms before a strong directional breakout.
Amid this structure, the Moving Average Convergence Divergence (MACD) has printed a positive reading, indicating that bullish momentum is building.
If this momentum continues, DOGE’s price could use the megaphone’s widening range as a launchpad for a breakout above $0.28.
A successful close above that level could open the door for a rally toward $0.32 at the 0.618 golden pocket ratio. In a highly bullish scenario, Dogecoin’s price might hit $0.37.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
