Why has Dogecoin surged recently? After a massive transfer of 1.74 billion, will it plummet?
Recently, the price of Dogecoin has skyrocketed, becoming a hot topic of discussion. Many celebrities, supporters of Dogecoin, and the market's expectations for Dogecoin's future applications have all contributed to the increase in value of this cryptocurrency.
However, there is some bad news: because someone transferred 1.74 billion Dogecoins to the Robinhood platform all at once, the price of Dogecoin may drop. This 'whale' completed the huge transfer in six transactions, each time adding 290 million Dogecoins.
Such a large amount of Dogecoins being transferred to an exchange is not a good sign, as it indicates that the holder may want to sell them, which would put considerable selling pressure on Dogecoin.
This 'whale' may be looking to take advantage of the recent recovery in the cryptocurrency market, especially the significant price opportunity for Dogecoin, to make a profit.
The rise in Dogecoin's price is partly due to Elon Musk and the government's efficiency department promoting dogs, and partly due to the rise in Bitcoin's price, which has boosted the recovery of the entire cryptocurrency market.
From a technical standpoint, Dogecoin is currently trying to break through the important threshold of $0.18. If successful, the price may continue to rise, potentially even reaching the $0.20 mark that everyone is watching. However, if buyers decrease, the price may fall back to the support level of $0.14, and further down to $0.12.
Although Dogecoin is rising quickly, it must stabilize as well. After all, it has a history of exciting fluctuations. Now, everyone needs to keep an eye on the resistance at $0.18 and the support at $0.14 to see how Dogecoin will move next.
Overall, while Dogecoin may face selling pressure, the outlook remains optimistic. Especially in November, it could be a turning point for Dogecoin. However, historical data also shows that November has been a 'test' for Dogecoin, with only four months in the past few years experiencing an increase.
Recently, I plan to position a potential coin that is ready to explode; doubling my investment should be quite simple. At the same time, I am also looking for some potential coins to hold until the end of the year, with an expected growth potential of over 10 times. If you want to keep up, leave a message, follow, like, and share freely.
