Dogecoin (DOGE) has experienced a significant price recovery, up over 7% in the last 24 hours. However, it was reported that 200 million units of DOGE worth approximately $30.86 million were sold through the Robinhood platform from an anonymous wallet. This massive sell-off has sparked speculation about a potential selling pressure that could halt Dogecoin's recent upward momentum.
Data Flow Positive for Dogecoin
This massive transfer led to speculation that cryptocurrency whales were preparing to sell a significant portion of their assets. Such a move could create selling pressure and reverse the current rally. However, buying pressure from other whale accumulations continues to support the DOGE price. According to data from on-chain data provider IntoTheBlock, there has been a significant increase in large Dogecoin transactions over the past month.
This increase in network activity indicates increased participation of whales and institutional investors in the network. Additionally, the volume of these transactions increased to 11.55 billion units of DOGE. Dogecoin is currently trading above $0.15 and is close to $0.16. Its market capitalization is $22.46 billion and its 24-hour trading volume has reached $1.96 billion. Futures open interest increased by 11.83% to 884.94 billion dollars.
According to Technical Analysis, DOGE is at a Critical Point
When technical indicators are examined, it can be seen that Dogecoin's price dynamics are at a critical point. The 50-day Exponential Moving Average (EMA) near $0.1652 serves as a resistance level. A break above this level could signal an entry into a bullish market and push the price of DOGE towards the next resistance levels at $0.18 and $0.20. In a negative scenario, the 100-day EMA, corresponding to $0.1434, stands out as a level that will provide support against significant declines.
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I EXPLAIN IN DETAIL.
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