Dogecoin Targets $0.10 Following Robinhood’s 85M DOGE Influx

Can Dogecoin breach the coveted $0.10 barrier? Robinhood’s 85M entrustment sparks a mini rally for DOGE.

Doge sitting on a pile of coins with a robin hood hat.
Created by Kornelija Poderskytė from DailyCoin
  • DOGE moves sideways this week as CeFi exchanges see inflows.
  • Despite selling pressure, Dogecoin inked 5% gains in the last 24 hours.
  • Crypto analysts spot the levels needed for the bullish crossover to remain.

Dogecoin (DOGE) survived the crypto market correction by falling to $0.087 on Monday, November 19, 2023. The key support barrier held DOGE above $0.087 before the MACD (Moving Average Convergence Divergence) indicated a bullish crossover.

The bullish crossover marks a price trend reversal, evident in the 5.2% daily gains for DOGE. However, the OG memecoin bumped into confluent resistance at $0.093332, while the long-term goal of $0.10 was last seen on November 11, 2023.

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This latest DOGE price movement comes with a gigantic whale transfer of 85,000,943 DOGE tokens to Robinhood. In five subsequent on-chain transfers, one massive Dogecoin whale splashed $7.2 million worth of DOGE to the popular American crypto exchange, increasing circulation.

Dogecoin’s $0.10 Barricade: Just a Kick-Off?

Another crypto whale sent 64.7M DOGE to Coinbase, the most popular American crypto exchange. According to several crypto analysts, these heavy crypto whale movements momentarily boosted Dogecoin’s price, but the historically timid $0.10 price range could catalyze a further-reaching run.

Furthermore, the fundamental support area of $0.095 has nearly 70% of holders making a profit at this price range, which relieves the selling pressure. This is also evident in the daily Relative Strength Index (RSI), which is slightly below 40 from a 24-hour perspective.

In a chart published by crypto analyst Olivier D, the price range of $0.097 to $0.099 is portrayed as the make-or-break moment for DOGE’s chances of breaking above the barrier unseen since Elon Musk acquired Twitter in October 2022. 

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However, Dogecoin must first sustain above the confluent resistance at $0.095, a level that played a key role in DOGE’s new yearly high of $0.101799 set on December 11, 2023, a day after the 10th anniversary of Dogecoin. At press time, DOGE is changing hands at $0.091235, according to CoinGecko.

On the Flipside

  • Professional crypto charter Ali Martinez previously marked the $0.095 resistance line as a decider for trend reversal, estimating that DOGE could freefall to $0.078 if Dogecoin closes below the price range on the weekly charts.

Why This Matters

Dogecoin turned from a memecoin into the second largest Proof of Work (PoW) blockchain, backed by a vibrant community of crypto enthusiasts.

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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.