Dogecoin

Bitcoin

Million

Dogecoin Price Analysis: The <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> struggle to break past $65,000 psychological resistance is accelerating the overhead for major altcoins including Dogecoin. In the daily chart, the DOGE price projects two long rejection candles at the $0.17 mark indicating sellers are aggressively defending the higher levels. This reversal sign at the monthly resistance trendline indicates a prolonged correction period for the largest meme cryptocurrency.
Also Read: <a href="https://coingape.com/dogecoin-developer-flags-privacy-concerns-in-coinbase-ecosystem/" rel="noopener noreferrer nofollow">Dogecoin Developer Flags Privacy Concerns In Coinbase Ecosystem</a>
<h2 id="strong-dogecoin-decline-as-whale-moves-400-million-doge-to-robinhood-strong">Dogecoin Decline as Whale Moves 400 Million DOGE to Robinhood</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/0/0Y6uVhAS.png" alt="BINANCE:DOGEUSDT Chart Image by sahilmahadik07">
Over the past five weeks, the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">Dogecoin price</a> has witnessed a steady correction trend under the influence of a downsloping trendline. The resistance trendline has plunged the DOGE value from $0.228 to the current trading price of $0.156 registering a 33% loss.
The coin price reverted thrice from this resistance indicating the traders continue to sell this asset at a bullish bounce, a key behavior in an established downtrend.
In a notable on-chain movement reported by Whale Alert, a massive transaction of 400 million <a href="https://coingape.com/doge-price-whales-shuffle-767-mln-coins-via-robinhood-what-next/" rel="noopener noreferrer nofollow">DOGE</a>, valued at approximately USD 62.8 million, was transferred from an unknown wallet to the popular trading platform Robinhood. The transfer may signal the whale could be preparing to sell, which might increase supply pressure on DOGE.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 400,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> (62,825,933 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Robinhood</a><a href="https://t.co/Ghy0dGLZky" rel="noopener noreferrer nofollow">https://t.co/Ghy0dGLZky</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1787651364832583909?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Thus, a potential reversal may plummet the DOGE coin by 22% and hit the multi-month support of $0.122.
Also Read: <a href="https://coingape.com/bitcoin-eth-records-251m-outflow-last-week-but-theres-a-catch/" rel="noopener noreferrer nofollow">Bitcoin &amp; ETH Records $251M Outflow Last Week, But There’s A Catch</a>
<h2 id="strong-dogecoin-price-analysis-outpacing-rivals-in-wallet-expansion-strong">Dogecoin Price Analysis: Outpacing Rivals in Wallet Expansion</h2>
Altcoin Daily’s recent analysis, using Santiment data, reveals significant trends in cryptocurrency adoption. Bitcoin maintains a robust lead with a record 53.85 million non-empty wallets. Notably, Toncoin’s network has shown the fastest growth in wallet numbers, suggesting rising investor interest.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Dogecoin outpaces XRP &amp; ADA in 6 month wallet growth <a href="https://t.co/HpO8rQxNw2" rel="noopener noreferrer nofollow">pic.twitter.com/HpO8rQxNw2</a>
 — Altcoin Daily (@AltcoinDailyio) <a href="https://twitter.com/AltcoinDailyio/status/1786840632520327444?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 4, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<a href="https://coingape.com/trending/is-dogecoin-price-already-in-a-bull-run/" rel="noopener noreferrer nofollow">Dogecoin</a> also stands out, outpacing XRP and ADA in wallet growth over the past six months. This development might reflect a revival of interest in Dogecoin, possibly spurred by various social media endorsements and its community’s vibrant activities.
Thus, a broader trend for Dogecoin remains bullish and a potential breakout from the overhead will signal the end of the correction trend.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB Indicator: A flattish trend in the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger band</a> indicator reflects no clear dominance from buyers or sellers toward DOGE.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: A falling ADX slope at 23% indicates the prevailing bearish momentum is weakening with a recent bounce.</li>
</ul>
The post <a href="https://coingape.com/markets/dogecoin-price-analysis-whale-selling-exposes-doge-to-22-risk/" rel="noopener noreferrer nofollow">Dogecoin Price Analysis: Whale Sell-Off and 22% Downside Risk</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Analysis: Whale Sell-Off and 22% Downside Risk

Table of Contents

Coingape News Media

Other articles published on May 7, 2024

Shiba Inu Activity Skyrockets 382% in Quest for 45 Trillion SHIB Level

Amwal Boosts Crypto Investment Strategy with Broadridge’s Advanced Management Platform: A New Era...

Dreaming Of Buying Porsche? Have A Look At This 50X Altcoins List

Nigeria Imposes Crypto Trading Ban: Binance CEO Responds! – Impact on Bitcoin (BTC) and Ethereum ...

Australia’s Tax Office Targets 1.2 Million Crypto Traders in Massive Data Sweep

Insights into Buying Zones for Cardano, Shiba Inu, and XRP

Join our free newsletter for daily crypto updates!