There is a whale alarm for Dogecoin (DOGE), the popular meme coin preferred by Turkish crypto money investors. Dogecoin-exclusive whale watching platform Dogecoin Wahale Alert shared that a top Dogecoin wallet has transferred millions of DOGE. According to analysts evaluating this situation, this could be a sell signal for the altcoin.
The whale carried millions of dollars DOGE!
cryptocoin.comAs you follow, the crypto market has slipped down in the red zone today. The leading crypto Bitcoin (BTC) has been pulled to the $ 22 thousand limit, and the bulls are struggling to maintain this level. The popular meme coin Dogecoin also saw some hard sells. Meanwhile, Dogecoin has seen a number of major transfers worth around $10 million. But where the funds will go remains a mystery. The last transaction received by the Dogecoin whale contained $883,000 worth of DOGE and marked the end of a series of major transfers.
Some market analysts believe that, given the asset’s recent performance, the funds could be used for additional financing of existing positions in the market. Despite the recovery that started in January, Dogecoin has struggled in the market for the past seven days, losing more than 10% of its value.
Altcoin price analysis: Downtrend continues!
Meme coin Dogecoin has gained a large following in recent years, including Turkish crypto investors. It has also become a popular investment option in the market for many traders. Despite its popularity, the altcoin has faced several challenges in the market and its value has been volatile. According to crypto analyst Arman Shirinyan, currently DOGE is acting intact with the pattern established in October. The analyst conveys what he saw in DOGE’s technical drawing as follows.
A descending triangle pattern is a technical formation that signals a potential downtrend for an asset. This pattern is formed by a horizontal support line and a downward sloping resistance line. In the case of Dogecoin, the upper bound of this pattern acted as a constraint, potentially pushing the price down until a breakout or breakdown occurred.
On February 4, Dogecoin failed to cross this upper limit and has since seen a bearish trend. This pattern usually indicates the continuation of the current downtrend. If the Dogecoin price drops below the support level, it will solidify the model and could lead to a significant drop.
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