Massive DOGE Exchange Transfer Threatens Its Bullish Momentum

People in the cryptocurrency community fear a Dogecoin (DOGE) selloff could be around the corner after a huge amount of tokens were moved to a cryptocurrency exchange earlier today. The whale tracking platform Whale Alert reported in an X post that a whale transferred 300,000,000 DOGE tokens from an unknown wallet to Robinhood.

The transferred meme tokens were worth about $25,033,123, according to the data provided by Whale Alert. At press time, it seemed like the whale was still holding on to his tokens as DOGE’s price was still set in the green zone.

🚨 🚨 300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/128ufh5OA5

— Whale Alert (@whale_alert) December 1, 2023

In fact, DOGE was one of the top gainers among the top 10 tokens by market cap. CoinMarketCap indicated that the meme coin was worth $0.08395 after its price managed to climb by 3.11% over the past day of trading. This meant that DOGE was trading just below its daily high price of $0.084222.

The altcoin’s 24-hour trading volume rose along with its price. DOGE’s intraday volume increased to $671.72 million, which was a more than 10% increase since yesterday. DOGE’s price rise also led to its weekly performance being pushed up further into the positive zone to +8.77%.

Daily chart for DOGE/USDT (Source: TradingView)

From a technical standpoint, DOGE was trading within a positive price channel at press time. This was after it printed a series of higher highs and higher lows throughout the past 2 weeks. Should this bullish momentum continue, the meme coin may soon flip the $0.08785 resistance level into support.

On the other hand, if DOGE is rejected by the $0.08785 barrier, then it may fall to the immediate support level at $0.08035. Continued sell pressure, once DOGE reaches this point, could lead to the meme coin’s price plummeting to as low as $0.07240 in the short term.

Nonetheless, technical indicators supported a bullish scenario. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators were flagging bullish, with the MACD line positioned above the MACD Signal line.

This suggests that DOGE’s positive trend may continue in the next 24-48 hours. Meanwhile, the RSI line was positioned above the RSI Simple Moving Average (SMA) line, indicating that buyers had the upper hand.

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