- 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).
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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.
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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