Dogecoin Whale Activity Surges with Over 150 Million-Dollar Transactions Amid Price Drop

Dogecoin Price Tumbles Despite Whale Activity Surge

Dogecoin has experienced a surge in whale activity, with over 150 transactions exceeding $1 million in the past 24 hours. However, the price has witnessed a sharp decline of 8.71% to $0.1472, amidst high trading volume and bearish sentiment.

Technical Analysis

• Key Support: $0.1430
• Key Resistance: $0.1612

Price Trend

Dogecoin's price has shown significant volatility in the short term. After starting at approximately $0.1612, it plummeted to a low of $0.1430 before rebounding slightly to $0.1472. The rapid price drop indicates substantial selling pressure.

Support and Resistance Levels

• Support Level: $0.1430, representing the recent low. If breached, the price could drop to $0.1420.

• Resistance Levels:

  • $0.1612, serving as a significant resistance point before the decline.
  • $0.1580 to $0.1590, indicating minor resistance where the price briefly consolidated.

Technical Indicators

• RSI: At 40.67, suggesting oversold conditions.
• MACD: Below the signal line, indicating a short-term bearish trend.

Despite the high whale activity, Dogecoin's price has fallen. The technical analysis suggests that the price could face further downward pressure if the key support level of $0.1430 is breached.

Source: CryptoTale