Whale Moved $59M To Binance: Would DOGE Price Decline More?

• Dogecoin price has dipped 33% in the past three days.
• DOGE price has bounced back by 27% in the past 20 hours.
• Binance exchange has received 200M DOGE, or $59 Million, from a whale.

Dogecoin (DOGE) price has displayed strong selling pressure and has declined by 33% in just three days. However, buyers have shown interest and are trying to survive this dip. The DOGE price has recovered half of the losses in 20 hours, but sentiment is still bearish.

From mid-November, momentum slowed down, and buyers became weak. After a one-month consolidation, bears won the battle and tried to flip the trend to bearish. The Dogecoin price has lost the 20-day EMA and is heading toward the 200-day EMA.

According to the analysts, whale activity has increased, negatively impacting the price. A whale has transferred 200M DOGE worth $59M to Binance. The vast selling could bring more dip in the token’s price.

Significant Whale Activity Pushed Dogecoin into Red

A whale activity has been noticed, which has brought a massive dip of 33% in the DOGE price in three days. According to the data from Whale Alert, an investor sent 200 million DOGE to Binance.

The usual outcome of these transactions is a sell-off. A significant amount of cryptocurrency is being dumped. These changes often affect the price because they can negatively affect market value.

The price movement showed the effects very quickly. As a result, the Dogecoin price fell to an intraday low of $0.28 before marginally rising to $0.31.

Given that the token dropped more than 18% on the last day, this sell-off reflects general market tendencies. A further dip to $0.10764 can occur if the price falls to $0.26. Market analysts say that’s a long-term support level.

Is Dogecoin Price Going to Lose More?

The DOGE price was trading at $0.344 at press time, which has climbed by 8.23% over the past 24 hours. The market capitalization was $50.8 Billion, and the 24-hour trading volume was $11.86 Billion.

Amid this dip, sellers have attempted to flip the trend to bearish. If the price remains below the support level of $0.37, the trend might be changed.

If the Dogecoin price fails to exceed the $0.37 mark, sellers may keep dominating ahead. Moreover, If it slips below the $0.300 mark, sellers may drag down the price to the 200-day EMA.

On the contrary, buying momentum can be initiated if the DOGE price starts trading over the $0.37 mark. Buyers may continue riding the trend once the price exceeds the 20-day EMA. Amid this bull run, it may record a new multi-year high.

MACD and Signal lines continuously fall and have dropped below the Zero line. The histograms remained bearish when the price was in the consolidation phase.

DOGE Price Analysis Amid Increased Whale Activity

Dogecoin price has faced significant selling pressure recently. This led to a 33% decline over three days. Although there has been a slight recovery of 27% in a shorter timeframe, overall sentiment remains bearish.

A whale’s large transfer of 200 million DOGE to Binance signals potential further selling pressure. That could push the price down toward critical support levels.

If the DOGE price fails to reclaim the $0.37 mark, sellers will likely dominate. This could drive the price toward the 200-day EMA. Conversely, a bullish trend can develop if buying momentum pushes the price above resistance levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.