118 million Dogecoins transferred to Binance!

Recently, 118 million Dogecoins, worth about $13.3 million, were transferred from a mysterious wallet to Binance, a large exchange. After the exposure of Whale Alert, it attracted widespread attention in the crypto circle, and everyone speculated about the intention behind it.

Dogecoin price rose and fell

Recently, due to the news that Federal Reserve Chairman Powell may cut interest rates, Dogecoin and other cryptocurrencies have experienced a wave of increases, with Dogecoin reaching a high of $0.1155. However, after this large transfer, the price of Dogecoin fell back and is currently down 1.72%, hovering around $0.11.

Is it about to sell off?

Usually, large amounts of funds transferred to exchanges may mean that they are about to sell off. However, is this a precursor to a sell-off or a capital allocation? The market is paying close attention.

Focus on key price levels

Support: $0.104 and $0.097

Resistance: $0.1133 (50-day moving average on the daily chart)

If Dogecoin can rebound after the decline, it may start a new round of rising market, and is expected to hit $0.14 or even $0.18! Let's wait and see!