The cryptocurrency market has been struggling with high volatility for a while. This wave, which started with the Bitcoin price losing the $30,000 level, had an impact on other assets as well. On the meme coin front, the ongoing downtrend is dogecoin resulted in its price falling below $0.08.
In addition to the decrease in price, the movement of whales accumulating DOGE was a detail that increased the uncertainty. According to the data, whales extracted 151 million DOGE from Binance. These assets are in an unknown wallet. transferred.
🚨 151,605,154 #DOGE (12,094,316 USD) transferred from #Binance to unknown wallethttps://t.co/utsp2PvtbO
— Whale Alert (@whale_alert) April 23, 2023
NEWS CONTINUES BELOW
It should be noted that this amount is significant enough to affect the Dogecoin price. On the other hand, there are commentators who state that this transfer is only for the purpose of wallet exchange.
What Will Dogecoin Do This Week?
Regardless of the whale movements, the Dogecoin price actually had a bullish potential. However meme coinThe bearish pressure on the ‘s also affected the DOGE and resulted in the price falling. Even though the price declined below $0.08, it is struggling to find the support it is looking for and continues its price search.
Koinfinans.com As we reported, Dogecoin’s daily chart showed a bearish outlook. For example, the Parabolic SAR indicator used on the chart has formed dotted lines above the candlesticks. This line is bearish as it acts as a resistance against any potential increase in the price of the breast coin.
The Relative Strength Index (RSI) indicator also revealed a similar outlook. The RSI mark is currently below the 50 median. This usually indicates that the DOGE market is dominated by sellers as opposed to buyers.
Despite the asset’s current decline, Dogecoin holders were making profits. According to Into The Block, the percentage of DOGE owners making money at the current price was 54%. Those who bear the losses were at the rate of 43%. Therefore, this slight downturn in the DOGE market is not terribly harmful at the moment.
You can follow the current price action here.