Dogecoin (DOGE) continues to show weakness around the $0.08 level, while large holders (whales) have reportedly accumulated an additional approximately 600 million DOGE. Although overall market sentiment has weakened, whales' buying activity near key support levels has been detected, drawing attention to the token's future price direction.

Market Sentiment 'Neutral'... Fear and Greed Index at 49

According to cryptocurrency media outlet CoinGape on the 17th (local time), Dogecoin traded around $0.08055 on Saturday, reflecting broader weakness in the cryptocurrency market. The total cryptocurrency market capitalization fell 0.74% to $2.74 trillion, while Bitcoin (BTC) moved around the $81,000 level.

The Fear and Greed Index, which reflects investor sentiment, stood at 49. Data from CoinMarketCap cited by CoinGape showed the index dropped from 50 the previous day to 49, lower than last week's 57, indicating weakened sentiment among market participants. Compared to a month ago, when the index stood at 64 in the greed zone, the recent figure is 15 points lower, showing that the market's overall optimistic mood has faded. Earlier, on August 27 (local time), the index rose to 82, its highest this year, pushing the market into the 'extreme greed' zone.

CoinGape noted that despite the recent decline, the current figure still falls within the neutral zone, meaning neither fear nor greed holds a clear advantage. According to CoinGape, as prices weaken across the market, whether Dogecoin can hold the $0.080 support level has emerged as a key point of interest.

Whales Accumulate 600 Million DOGE... '$0.081 Is the Rebound Pivot'

As Dogecoin moves near its key support level, whale accumulation activity has also been detected. According to CoinGape, crypto analyst Ali Martinez said Dogecoin whales had accumulated an additional roughly 600 million DOGE since October 12 (local time). Martinez explained via X on the 16th (local time) that large holders appear to have stepped in to buy near a major support level, and analyzed that this accumulation lends strength to the buy signal and the on-chain support zone.

According to Martinez's chart cited by CoinGape, the tracked whales' Dogecoin holdings amount to approximately 56.21 billion DOGE. Martinez specifically identified $0.081 as a key support level, noting that the TD Sequential indicator on the daily chart flashed a buy signal at that price. Blockchain data also confirms that approximately 36 billion DOGE were previously bought around $0.081. Based on the concentration of holdings at this price level, Martinez highlighted the possibility that $0.081 could serve as the foundation for a price recovery, and projected that if Dogecoin holds this support and rebounds, the $0.16–$0.17 range could become a potential profit-taking zone.

RSI at 40.45, Early MACD Improvement... Technical Indicators Mixed

On the 17th (local time), Dogecoin traded at $0.08069, continuing its downward trend, but it managed to hold above its key support level. Technical indicators showed mixed signals. The Relative Strength Index (RSI) recorded 40.45, below the neutral baseline of 50. Meanwhile, the Moving Average Convergence Divergence (MACD) showed early signs of improvement, with the MACD line slightly above the signal line.

CoinGape analyzed that if Dogecoin successfully defends the $0.080 support level, it could attempt another rally toward $0.08500. It further projected that if the $0.085 resistance is continuously broken, $0.090 could emerge as the next major price level in line with long-term Dogecoin price forecasts. Conversely, if Dogecoin fails to recover $0.085, there is a possibility it could retest the $0.08000–$0.07800 support zone.

Derivatives Volume Declines... Open Interest Rises

Direction was also mixed in the derivatives market. According to data cited by CoinGape, Dogecoin derivatives volume fell 27.97% to $920.68 million, while open interest increased 2.31% to $1.29 billion. Options volume surged 50,751.50% to $82.11, and options open interest rose 50,476.50% to $81,650. However, CoinGape noted that despite the large percentage increases, the actual trading amounts remain small. While total derivatives volume declined, the value of unsettled contracts increased, illustrating the mixed movements in the Dogecoin derivatives market.

[This article is by no means investment advice. The content may merely reflect opinions, so please do not use it as a reference or material for investment decisions. All investments are made at the individual's own judgment, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]