The cryptocurrency community is abuzz with the recent transfer of a staggering 300 million DOGE tokens, worth approximately $25 million, from an unknown wallet to the Robinhood exchange. This significant movement has raised concerns about a potential selloff, potentially threatening Dogecoin’s current bullish momentum.
Despite these fears, Dogecoin’s value remains strong, recently witnessing a 3.11% increase to $0.08395. If this uptrend continues, DOGE could surpass the $0.08785 resistance level, turning it into a new support benchmark. However, a rejection at this level could trigger a fall to $0.08035 and potentially down to $0.07240 if selling pressure persists.
The 24-hour trading volume for DOGE has seen a substantial rise, crossing $671.72 million, marking a more than 10% increase from the previous day. The week’s performance also shows a positive trend with an 8.77% increase.
Technically, DOGE exhibits a positive trajectory, consistently creating higher highs and lows over the past two weeks. Technical indicators like the MACD and RSI support a bullish outlook, suggesting the continuation of this positive trend in the near future. The RSI, in particular, indicates a strong buying sentiment in the market.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.