Dogecoin (DOGE) has undergone a massive transfer today. A large investor has transferred 400 million DOGE (worth approximately $41.08 million) to the cryptocurrency exchange Binance. This is a notable transfer because the amount of these tokens is quite significant.
Such moves by crypto whales can have a significant impact on the market movement of a coin. Moreover, the timing of whale actions is crucial. The crypto market has been crashing since yesterday. In fact, today’s situation has gotten worse.
As of this writing, the global cryptocurrency market cap has plunged 7.59% in the past 24 hours. It currently stands at around $1.97 trillion. The market’s leading cryptocurrency, Bitcoin (BTC), has also plunged 5.57% during this period. However, the memecoin space has seen a massive bloodbath. The price of Dogecoin has plunged 13.07% in the past 24 hours to $0.09725. Moreover, its market cap has dropped 13.06% and currently stands at $14.1 billion.
The transfer of 400 million DOGE is likely a sell-off. Crypto giants mostly sell tokens on major exchanges such as Binance. While the price of DOGE has already plummeted, this sell-off could trigger a further drop in the price.
DOGE Price Outlook Dogecoin's technical indicators can clearly reflect its overall price outlook. #DOGEUSDT
According to TradingView, the meme coin is trading below all of its moving averages. Dogecoin had previously remained above its 200-day EMA and SMA. However, it failed to sustain this level and fell below these key moving averages. This is a worrying sign as it tells us that DOGE price might not be able to spark a rebound from here. Bears seem to be in control and this sentiment is likely to prevail in the short term.
Despite this, there is still a glimmer of hope for Dogecoin. As of now, the RSI for Dogecoin is 24.4. This means that the coin is in an oversold market condition. There is still a chance that Dogecoin can break out of this bearish phase. However, this is expected to happen in the long term.#DogecoinNews#Dogecoin
