On-chain data suggests that DOGE miners have been selling their holdings, indicating a lack of confidence in the coin's near-term prospects. This is reflected in the decline of DOGE's MVRV (Market Value to Realized Value) ratio, a bearish indicator, and a drop in the coin's velocity, showing reduced transaction activity.
Despite these bearish signals, technical indicators like the MACD (Moving Average Convergence Divergence) showed a bullish crossover, and the Chaikin Money Flow (CMF) registered a slight uptick, hinting at possible upward momentum. However, the Relative Strength Index (RSI) is trending downward, suggesting that bears might still have the upper hand.
Looking ahead, DOGE's price could target $0.13 if it can break above the $0.11 mark. However, continued selling pressure could push the memecoin down to $0.09, making the $0.11 level a critical threshold to watch.