A massive 312.37 million Dogecoin was moved to Coinbase, sparking discussions in the cryptocurrency community.
Movement of Large Amounts of Dogecoin
According to Whale Alert, a major transaction involving 312,375,048 DOGE was carried out in the last 24 hours. The transactions were executed in three stages, each carrying 104,125,016 DOGE from an unknown wallet to Coinbase. This event has caught the attention of both experts and the general market participants, triggering speculation about its potential impact.
Crypto Market Status
At the time of publication, Dogecoin is trading up 1.83% in the last 24 hours at $0.209. This recovery is occurring amidst a broader market downturn that resulted in over $1.4 billion in crypto liquidations due to sell pressure in the equity market. Dogecoin fell to $0.195, while Bitcoin reached a three-month low below $90,000.
Price Predictions for Dogecoin
After reaching $0.287 on February 14, Dogecoin started declining, slipping below the 200-day Simple Moving Average (SMA) at $0.24. This key technical level had previously acted as strong support. The RSI in the negative zone might indicate increased seller pressure. If the support at $0.195 is breached, Dogecoin may drop to $0.15. A reversal is possible if the resistance at $0.24 is overcome, potentially leading to a rise to the 50-day SMA at $0.31.
The current movements of Dogecoin are garnering interest among investors and experts, but further market fluctuations could determine the direction of Dogecoin's price dynamics.
