Whales sold 146.6 million DOGE.
Recently, the whale tracking service Whale Alert posted on X (formerly Twitter) that an unknown wallet transferred 146.6 million DOGE worth $56.5 million to the cryptocurrency exchange Robinhood.
In the cryptocurrency space, transferring assets from wallets to exchanges is often seen as a negative signal. This indicates that the purpose of moving these assets is to sell, which can create selling pressure and lead to price declines.
Dogecoin (DOGE) technical analysis and upcoming levels.
According to expert technical analysis, DOGE shows a bearish trend as it forms an inverted hammer candlestick pattern at the key resistance level of $0.42. Additionally, it has begun to show downward momentum, which partially confirms this bearish trend.
According to recent price trends and historical price momentum, if DOGE remains below the $0.42 level, it is likely to drop 20% to $0.35 in the coming days. However, this bearish argument is only valid if the DOGE trading price is below $0.42; otherwise, it may fail.
Despite the bearish outlook, the 200-day Exponential Moving Average (EMA) in the daily time frame indicates that it is in an upward trend.
Traders bearish outlook.
However, this bearish view is further supported by on-chain analytics firm Coinglass. The data on the DOGE long-short ratio indicates that shorts currently dominate.
As of the time of writing, this ratio is currently 0.78, marking a new low since early November 2024. Additionally, currently, 56% of top traders hold short positions, while 44% of top traders hold long positions.
