Dogecoin Revisits Key Barrier as Huge Whale Moves 65M DOGE

Dogecoin is gearing up for more thrilling action: massive 65M DOGE whale move to Coinbase sparks attention.

Whales in space signaling to DOGE.
Created by Kornelija Poderskytė from DailyCoin
  • One massive crypto whale shuffles 65 million DOGE to Coinbase.
  • Dogecoin (DOGE) broke through the bearish double-top formation.
  • The top dog coin proceeds to demonstrate a high correlation with BTC.

Dogecoin (DOGE) had an unconventional birthday this year, topping the $0.10 price range for the first time in a year. Despite being historically unfavorable for the canine coin, DOGE broke through the bearish double-top formation on December 6, 2023.

Soon after claiming this milestone, the #10 ranked memecurrency DOGE slid below the $0.10 resistance line but continued to perform above the $0.095 make-or-break area. On the technical side, Dogecoin’s strong foundation around this area is confirmed by the substantial trading volume on the Moving Average Convergence Divergence (MACD).

Picking up on Bitcoin’s recent parabolic surge to $44,000, DOGE linked to BTC within the 0.92 price correlation. Dogecoin broke the bearish trend on the 50-day Exponential Moving Average (EMA), while Dogecoin whales are on the move again.

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Meanwhile, one large whale shifted 64,746,017 Dogecoins to Coinbase on 7 December. The transaction totaled a whopping $6,127,419, and the cryptocurrency was transferred to Coinbase. The move had been met with a positive shift in DOGE’s price, gaining 3.7% since the deed.

Veteran Trader Unveils What’s Ahead for DOGE

Dogecoin’s next attempt to restore the $0.10 price range comes amid an intense bear & bull duel at this level. However, professional crypto traders see a more solid bull run to $0.15 if the uptrend persists.

To illustrate, crypto trader The Doge Coach posted a graph drawing similarities between Dogecoin’s current price performance and the Twitter acquisition-inspired bull run in November 2022.

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That time, Dogecoin comfortably reached $0.142 in a rebound rally post-FTX crash. DOGE later slumped to the eight-cent price range aftermarket correction but reclaimed the sensitive $0.10 barrier in December 2022.

Dogecoin’s breakthrough this week seems similar, but the social foundation for this 32% monthly run isn’t as strongly backed. At the same time, the weekly Relative Strength Index (RSI) points to a heavily overbought condition, with the arrows pointing to 89.23.

At press time, DOGE is changing hands at $0.09797, according to CoinGecko. Enjoying a 17.5% spike in the last 7 days, Dogecoin is at a crossroads, which is also evident in the real-time on-chain signals. While network growth is stagnating, the only bullish on-chain signal is ‘In The Money,’ with 73% of holders making money at this price.

On the Flipside

  • The canine coin flashes a neutral concentration signal and a drop in large transactions, meaning that today’s $65M DOGE whale transfer is rather an exception than a rule.

Why This Matters

Dogecoin is one of the most time-tested alternatives to Bitcoin and is a long-term contender for the TOP 10 by global market capitalization.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.