The popular memecoin Dogecoin, known as DOGE, is currently facing a downturn after a significant price rally. Recently, the altcoin dropped below the $0.22 mark. Reports from Whale Alert, a platform that monitors blockchain movements, revealed that around 140 million DOGE were moved to the centralized exchange Coinbase, potentially triggering the decline.
$30.22 Million Worth of DOGE Transferred to Coinbase
According to Whale Alert, nearly 140 million DOGE, valued at $30.22 million, were sent to the Coinbase exchange. This transfer coincided with the altcoin's price decrease, indicating a possible correlation. The influx of DOGE on exchanges during the price drop showcases the downward trajectory.
Despite the recent price dip, DOGE's long-term price charts suggest a shift from a downtrend to an uptrend with a U-shaped recovery, indicating ongoing positive momentum.
Market Dynamics Showing Negative Trends
The unfavorable market dynamics of Dogecoin have sparked speculation among traders globally. On-chain data supports the downward trend for DOGE, hinting at continued price volatility. Recent price actions have intrigued many investors, with derivative data indicating a decrease in open interest (OI) by 3.08% and a 46.28% drop in volume, signaling a bearish trend.
Before the decline, DOGE successfully broke the $0.206 resistance level, hitting a 28-month high at $0.2288, causing excitement among investors. However, the current price drop is expected to test the previous resistance level as a new support level. Analysts predict potential price targets of $0.27 and $0.30 for DOGE. Presently, DOGE is trading at $0.2125, down 1.62% in the last 24 hours.
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