A Massive Dogecoin Whale Selloff Totalling $30.86 Million Worth of DOGE

Leading altcoin Dogecoin (DOGE) has experienced a significant price recovery, with a 7% increase in the last 24 hours. However, a major investor or whale recently sold around 200 million DOGE, worth $30.86 million, sparking speculation about potential selling pressure that could affect Dogecoin’s upward momentum in the crypto world.

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This large transfer has led to speculation that the crypto whale may be preparing to sell a substantial portion of their holdings, potentially creating selling pressure and reversing the current rally. Nonetheless, buying pressure from other whale accumulations continues to support the DOGE price. Data from on-chain provider IntoTheBlock shows a notable increase in large Dogecoin transactions over the past month, indicating increased participation from whales and institutional investors.

Dogecoin is currently trading above $0.15, approaching $0.16, with a market cap of $22.46 billion and a 24-hour trading volume of $1.96 billion, reflecting an 18.33% increase. Additionally, open interest in Dogecoin futures has risen by 11.83% to $884.94 billion, indicating growing interest among derivative investors.

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Technical indicators suggest that Dogecoin’s price dynamics are at a critical point. The 50-day Exponential Moving Average (EMA) around $0.1652 acts as a resistance. A breakout above this level could signal entry into a bullish market and potentially push DOGE’s price to the next resistance levels at $0.18 and $0.20. Conversely, the 100-day EMA at $0.1434 provides support against significant declines, with the 200-day EMA at $0.1237 serving as a major long-term support level.

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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael's expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.