Dogecoin's future in the key support challenge; will it last above $0.14 or fall to lower levels?

On November 1, Dogecoin (DOGE) attempted to break out of its recent downtrend with a slight gain of 1.2%, but on-chain data suggests that selling pressure is still ongoing. The price of DOGE has fallen 6.56% over the past week and is down nearly 27% over the past month.

The $0.17 support level, which has been resisting since October 11, is currently under pressure as long-term holders have started selling their holdings. The data shows that within 24 hours, an inflow of 8.2 million DOGE has turned into an outflow of 22 million DOGE.

The data shows a drastic change in the behavior of holders. This trend may weaken Dogecoin’s strongest support level since early October and pave the way for a drop to $0.14.

Furthermore, a second “death cross” is forming; the 100-day moving average is about to cross the 200-day average, indicating increased selling pressure and strengthening the bearish structure.

DOGE is currently trading around $0.18, and a break above $0.21 could negate this bearish trend.