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Dogecoin Sees 36% Activity Spike While DOGE And SHIB Test Critical Support

dogecoin (CRYPTO: DOGE) active addresses rose 36% last week to over 71,400, but the token fell 3% to $0.10258. Shiba Inu (CRYPTO: SHIB) fell 2% to $0.00000655 as both tested critical support levels.

Dogecoin’s on-chain activity has accelerated sharply even as the price has deteriorated.

The 36% increase in active addresses indicates renewed network participation, but activity growth alone does not guarantee an uptick.

Meanwhile, Dogecoin saw a massive net outflow of $12.71 million on February 4, according to Coinglass.

The net flow model shows predominantly red bars with only a few green spikes, indicating a continuous distribution.

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Dogecoin collapsed after the critical psychological support at $0.10, testing levels not seen in months.

The Supertrend indicator is in bearish mode at $0.12744, well above current prices.

Immediate danger: Parabolic SAR at $0.09455 is just below current prices. A break below would trigger panic selling towards $0.08 or lower. DOGE is trading in a descending channel and is currently testing the lower boundary around $0.10.

Any bounce faces resistance at $0.10, then $0.12615, then $0.12744.

If $0.09455 fails, the channel suggests a potential decline to $0.06 to $0.07 if the sell-off accelerates.

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Shiba Inu decisively declined below the $0.000007 support, opening the door for further declines.

The token is now testing channel support around $0.00000650-$0.00000660.

All EMAs are located above the price: 20 EMA at $0.00000741, 50 EMA at $0.00000786, 100 EMA at $0.00000855 and 200 EMA at $0.00000993. This creates formidable resistance at $0.0000074 – $0.0000099.

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Adding to the pressure, the Money Flow Index is 30.28, indicating weak money flow and diminishing purchasing pressure.

While approaching oversold territory, the reading has not reached extreme levels below 20, meaning further downside is possible.

If current support fails, the next meaningful support will not appear until $0.000005-$0.0000055 or potentially $0.000004 on the lower channel line.

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