- Crypto whales move millions of Dogecoin (DOGE) from centralized platforms (CEXs).
- With $0.10 as the next target, Dogecoin’s price breakout depends on several factors.
- DOGE dwells 89% below all-time high as pro trader spots a price reversal opportunity.
The top dog memecoin Dogecoin (DOGE) continues to battle the bears with a steep 8% decline since last month, reaching the weekly heights of $0.08728 after the successful inauguration of the first 11 Bitcoin exchange-traded funds (ETFs) a week ago.
Despite crypto enthusiasts expecting an instantaneous run, Dogecoin showcased a negative price correlation with the leading digital asset. However, professional crypto trader Ali Martinez highlighted a crucial support cluster for DOGE to lay around the $0.074 price range, serving as Dogecoin’s floor before any significant breakout signs emerge.
While the cryptocurrency analyst’s prediction was based on the Tom Demark Sequential (TD), the three-day chart’s flashing ‘Buy’ signal hints at an incoming price trend reversal. If DOGE doesn’t fall below the support cluster at $0.074, DOGE would be heading to retest $0.10 – a price range unseen since December 11, 2023.
Whales Display Big Moves as DOGE Sets Eyes on Target
The blockchain whale-watching agency Whale Alert started noticing suspiciously large on-chain transfers yesterday when one whale shuffled a gargantuan 990 million DOGE between two untagged cryptocurrency wallets approximately one day and seven hours ago.
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While it’s hard to determine the fate of the relocated Dogecoin, the 990M DOGE transfer was worth $79.757 million at the time of the stamped transaction. Another massive whale cashed out 67,903,623 Dogecoins, worth approximately $5.5 million at the time, 21:40:57 UTC.
The latest move by whales sparked community discussions, as usually a huge withdrawal from popular centralized crypto exchanges to a decentralized on-chain wallet hints at accumulation.
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However, Robinhood is not the only major CeFi platform dealing with large outflows, as numerous similar transactions have been spotted with crypto whales cashing out from Binance in the past month.
On the Flipside
- Despite the reluctant price movement, Dogecoin’s real-time on-chain signals point to a 0.21% increase in net network growth while concentration remains neutral.
- This aligns with the Open Interest for Dogecoin market growth, with Binance grabbing the lion’s share with a $141.3M daily trading volume.
Why This Matters
Dogecoin is one of the most established alternative cryptocurrencies in the crypto sphere.
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