Dogecoin (DOGE) is under pressure. The coin has recovered from its slump yesterday, gaining 0.35% in the past day and 1.29% this week. It was trading close to $0.21 at press time.
Despite recent dip and meagre gains, the bigger picture still looks positive. Dogecoin price was up 8% over the past month, 16.8% in three months, and more than 116% in one year.
But the near-term picture looks heavy, and whales may be the reason why.
Weak Demand Signals Pressure on Dogecoin Price
One of the most worrying signs right now is the Money Flow Index (MFI). This tool measures buying and selling pressure. It combines price and volume to show if money is flowing in or out of an asset.
A high MFI, above 80, usually means the coin is overbought. A low MFI, below 20, usually means it is oversold.
DOGE MFI Looking Weak | Source: TradingView
For DOGE, the MFI has fallen below 40. This sharp drop means that fewer coins are being bought while selling pressure builds.
Traders often see this a
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