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Within just a few minutes, a massive amount of Doge was transferred
The famous blockchain tracker Whale Alert, responsible for monitoring large cryptocurrency transfers, discovered a massive Doge transaction worth $30,064,203.
155 million Doge (DOGE) was transferred to the popular trading platform Robinhood, which offers not only stock trading but also cryptocurrency trading. This transaction came from an anonymous cryptocurrency wallet, seemingly indicating that an unidentified "whale" plans to sell their massive Doge (DOGE) holdings on the platform.
This transaction occurred approximately ten hours ago. At that time, Doge's price rose by 4.6%, with a massive green candle on the hourly chart, surging from $0.18674 to $0.19535. Currently, Doge's price is slightly rebounding, trading at $0.19039 after a 2.23% decline.
Key Signals and Resistance Levels
Moving Average System: The 50-week moving average ($0.205) serves as short-term resistance, with a potential challenge to $0.26 (May high) and $0.40 (December 2023 resistance) upon breakthrough.
Momentum Indicator: The weekly WaveTrend oscillator shows weakening bearish momentum, with the histogram turning red to gray, suggesting a potential trend reversal.
On-Chain Data Supporting Bullish Logic
Whale Accumulation: Exchanges saw a net outflow of $10.9 million in DOGE within 24 hours, indicating large funds buying the dip.
Leverage Betting: Long contract positions reached $27.47 million, concentrated at the $0.1776 support; short positions at $18.89 million at $0.1868, potentially triggering short covering if price breaks through.
Risk Warning: If the price drops below $0.14, it will break the two-year uptrend line, invalidating the technical bullish logic. Currently, closely monitor the daily closing performance at $0.19, with potential for a 32% short-term increase if maintained.
