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In the last few hours, a substantial transfer of 312 million DOGE has been executed.
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A noteworthy transfer of 312 million Dogecoin (DOGE) has recently been sent to the prominent crypto exchange Coinbase, igniting speculation within the cryptocurrency community.
The blockchain monitoring service Whale Alert reported this significant transfer that took place within the past 24 hours, amounting to 312 million DOGE.
As per Whale Alert, these transactions were divided into three separate transfers, each containing 104,125,016 DOGE, valued at $21.33 million, moving from an unidentified wallet to Coinbase.
Generally, withdrawals from exchanges imply purchasing activity, while deposits may suggest selling. Another potential reason could be that a significant player is strategically relocating assets. A whale or substantial holder might be transferring DOGE for trading on the exchange or other reasons.
At the moment of writing, DOGE has increased by 1.83% in the last 24 hours, trading at $0.209, despite facing a larger market downturn on Monday that resulted in over $1.4 billion in cryptocurrency liquidations. Due to selling pressure in the stock market, the cryptocurrency market experienced a significant sell-off on Monday, with Dogecoin also affected, dropping to a low of $0.195. Bitcoin fell to a three-month low under $90,000 amid risk aversion.
What Lies Ahead for Dogecoin’s Value?
On February 14, Dogecoin reached a high of $0.287 before beginning to decrease. This downward movement has led Dogecoin to drop below its 200-day simple moving average (SMA) for the first time, with the current value approximately $0.24, signifying a significant occurrence since October 2024. Previously, this crucial technical threshold acted as a robust support zone for Dogecoin’s value.
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The Relative Strength Index (RSI) is currently in the negative territory, indicating that sellers dominate the market. Should the price fall below and settle under the support line, selling pressure may increase. In trading yesterday, Dogecoin approached the support level at $0.195, which could possibly be surpassed. Dogecoin might continue to decrease to $0.15.
Nonetheless, if the price ascends and surpasses the short-term resistance at $0.24, this pessimistic forecast could be altered in the near future. Subsequently, Dogecoin might advance to the 50-day SMA at $0.31, which is anticipated to serve as a significant resistance point.
