๐๐๐๐โโ๏ธ
Dogecoin Price Prediction as Large Holders Transfer DOGE to Robinhood Exchange Amid Wells Notice โ Are They About to Sell?
Simon Chandler
Simon Chandler
Last updated: May 7, 2024 09:12 EDT | 3 min read
The Dogecoin price has dipped by 2.5% in the past 24 hours, falling to $0.158 as the crypto market as a whole loses 2% today.
DOGE remains up by 14% in the past week, although the ever-popular meme coin has dropped 18% in a month.
Todayโs action also comes as a whale sends $60 million in DOGE to Robinhood, which has received a Wells notice โ a warning of potential incoming legal action โ from the SEC in the past 24 hours.
This could potentially mean that the Dogecoin price may fall a little further in the next few days, although its medium- and long-term prospects continue to look good.
Dogecoin Price Prediction as Large Holders Transfer DOGE to Robinhood Exchange Amid Wells Notice โ Are They About to Sell?
DOGEโs chart continues to look promising, even if it has wobbled in the past day or so.
Most notably, its 30-day average (orange) remains comfortably above its 200-day (blue) and has actually begun rising again after a slight fall, suggesting potential rises.
Dogecoin price chart.
Source: TradingView
On top of this, DOGEโs relative strength index (purple) has returned to 50 today after sinking below 40 yesterday.
This suggests a potential recovery, and given that the coinโs support level (green) has risen healthily since the end of last week, a rebound could certainly happen soon.
However, traders should remember that a whale has sent over $60 million in DOGE to Robinhood, seemingly as a precursor to selling.
This is a large amount of DOGE, yet itโs possible that its owner has already sold it, seeing as how the Dogecoin price dropped to $0.1456 a couple of hours after the deposit.
As such, the worst may actually already be over, with DOGE potentially free to recover from now on.
And looking at the bigger picture, Dogecoin is due a rebound soon enough, given that itโs down by 18% in a month.
