Dogecoin (CRYPTO: DOGE) active addresses surged 36% to above 71,400 over the past week, but the token plunged 3% to $0.10258 while Shiba Inu (CRYPTO: SHIB) fell 2% to $0.00000655 as both test critical support levels.
Dogecoin’s on-chain activity accelerated sharply even as price deteriorated.
The 36% increase in active addresses signals renewed network participation, but activity growth alone doesn’t guarantee upside.
Meanwhile, Dogecoin saw a massive $12.71 million net outflow on February 4th according to Coinglass.
The netflow pattern shows predominantly red bars with only few green spikes, suggesting sustained distribution.
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Dogecoin collapsed through the critical $0.10 psychological support, testing levels not seen in months.
The Supertrend indicator sits at $0.12744 in bearish mode, well above current prices.
The immediate danger: The Parabolic SAR at $0.09455 sits just below current prices. A break below triggers panic selling toward $0.08 or lower. DOGE trades within a descending channel, now testing the lower boundary around $0.10.
Any bounce faces resistance at $0.10, followed by $0.12615, then $0.12744.
If $0.09455 fails, the channel suggests potential downside to $0.06-$0.07 if selling accelerates.
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Shiba Inu broke decisively below $0.000007 support, opening the door to further downside.
The token now tests channel support around $0.00000650-$0.00000660.
All EMAs sit above 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 between $0.0000074-$0.0000099.
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Adding pressure, the Money Flow Index at 30.28 indicates weak money flow and diminished buying pressure.
While approaching oversold territory, the reading hasn’t reached extreme levels below 20, meaning further downside is possible.
If current support fails, next meaningful support doesn’t appear until $0.000005-$0.0000055 or potentially $0.000004 at the bottom channel line.
Image source: Shutterstock
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This article Dogecoin Sees 36% Activity Spike While DOGE And SHIB Test Critical Support originally appeared on Benzinga.com
