Dogecoin Faces Critical Test as Long-Term Holders Exit and Technical Signals Turn Bearish

Dogecoin is experiencing considerable pressure, with November being a particularly challenging month for the popular meme ￰0￱ token is currently trading near $0.18, having dropped 27% from its monthly high, although it briefly recovered by 1.2%. The market information suggests a fundamental shift in the behavior of holders, which is likely to drive prices downward. Long-Term Wallets Reverse Course The on-chain indicators suggest a significant shift in the sentiment of experienced DOGE ￰1￱ Hodler Net Position Change indicator registered a significant shift on October 31, as it changed its course of action by recording a negative figure of an 8.2 million DOGE inflow and a 22 million DOGE outflow in one ￰2￱ 36% behavioral turnaround is the largest in recent weeks, as depicted by Glassnode .