312,375,048 DOGE Hits Major Crypto Exchange Coinbase, What's Going On?

A significant transfer of 312.37 million Dogecoin (DOGE) to Coinbase has fueled speculation within the cryptocurrency community.

Blockchain analytics firm Whale Alert reported this substantial movement, comprising three separate transactions of 104,125,016 DOGE each ($21.33 million USD per transaction), completed within the last 24 hours from an unidentified wallet.

The transfer's implications are open to interpretation. While withdrawals from exchanges often suggest buying activity and deposits selling, it's also possible a large holder is repositioning assets for strategic reasons. The move could be for exchange-based trading or other purposes.

At the time of writing, DOGE is trading at $0.209, up 1.83% in the last 24 hours. This represents a slight rebound following Monday's broader market downturn, which saw over $1.4 billion in crypto liquidations due to sell-off pressure in the equity market. Dogecoin fell to lows of $0.195, while Bitcoin dropped below $90,000, hitting a three-month low.

Dogecoin's Price Outlook:

Dogecoin's price has been declining since reaching highs of $0.287 on February 14th. This decline pushed DOGE below its 200-day Simple Moving Average (SMA) at $0.24 for the first time since October 2024, a key support level previously. A negative RSI suggests sellers currently hold the advantage, with further selling pressure possible if the price breaks below the current support level. A break below yesterday's low of $0.195 could lead to a drop towards $0.15.

However, a short-term price increase above the $0.24 resistance level would invalidate this bearish outlook. In such a scenario, Dogecoin could potentially rise to the 50-day SMA at $0.31, a level anticipated to provide strong resistance. (Source: U.Today)