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.
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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