$DOGE 💥Emergency Reminder!💥
🚀Big Event Incoming!
Friends holding Dogecoin (DOGE), pay attention!
This time, Dogecoin may experience a significant drop, potentially reaching 20%!
Recently, due to some major players' movements, the price of Dogecoin has begun to fluctuate dramatically.
Just a few days ago, a mysterious big player sold 146.6 million Dogecoins on the Robinhood exchange, worth up to 56.5 million dollars!
This is not a small amount! Immediately afterward, over 61 million Dogecoins, worth over 23 million dollars, were transferred to Robinhood.
In the world of cryptocurrency, once assets are transferred from wallets to exchanges, it is usually seen as a signal of impending sell-off.
From a technical analysis perspective, Dogecoin has formed an inverted hammer pattern at the 0.42 dollar level, which is quite concerning.
Additionally, the downward momentum is becoming stronger, and bearish sentiment is spreading.
If Dogecoin cannot hold the critical level of 0.42 dollars, then within the next few days, a drop to 0.35 dollars, with a decline of 20%, may become a certainty.
Of course, this depends on whether Dogecoin can withstand this challenge; if not, the situation will be very severe.
Although the outlook is not optimistic, the 200-day EMA on the daily chart is still showing an upward trend, bringing a glimmer of hope for Dogecoin.
However, most traders hold a bearish attitude. On-chain analytics company Coinglass reports that the long-short ratio of Dogecoin is firmly controlled by short sellers.
This ratio has dropped to 0.78, the lowest point since early November this year. Looking at those large traders, 56% hold short positions, while only 44% remain in long positions.
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