- A Dogecoin whale transferred 200 million DOGE to Robinhood, sparking fears of a potential sell-off
Dogecoin’s price continued to climb though, with Futures open interest flashing bullish signs too
As a crypto investor with some experience under my belt, I’ve learned that the market can be unpredictable at times, and news like the recent transfer of 200 million DOGE by a whale to Robinhood can spark both fear and excitement.
Recently, the crypto market has shown robust signs of rebound, with Dogecoin (DOGE) leading the charge amidst bullish sentiment. Over the past seven days, DOGE’s value surged by an impressive 6.8%. Intriguingly, a significant gain of 4.4% in the last day propelled DOGE’s price to $0.156 on the charts.
The revival in the crypto-market has fueled hope among investors and traders keeping a keen eye on the digital asset’s progress. Yet, a noteworthy occurrence surrounding a significant Dogecoin investor has ignited debates within the community regarding its possible influence on the current price surge.
Based on information from Whale Alert, a large-scale DOGE transactor moved 200 million DOGE, equivalent to approximately $30.86 million, to Robinhood. This transaction raises speculation that the whale may intend to sell a substantial amount of its holdings. If this were to occur, it could trigger increased selling activity and negatively impact DOGE’s price trend.
Market dynamics and technical indicators
A large-scale transaction moving 200 million DOGE coins to Robinhood has sparked worries about potential market shifts. Such significant transfers typically signal impending selling actions, increasing the available supply and potentially halting ongoing price surges.
It’s important to consider if this development could influence the overall mood and potentially result in Dogecoin’s recent progress being reversed.
As a researcher studying trends in the derivatives market, I’ve observed an uptick in activity surrounding Dogecoin Futures. The open interest for these contracts has seen a significant jump, reaching a total of $886.38 million – marking an 8.44% increase.
The previously mentioned data signals a surge in traders’ attention, notably towards the Futures market.
The significant losses of around $2.27 million incurred by short sellers as per Coinglass indicate a potential short squeeze for Dogecoin (DOGE). However, this upward price momentum could be challenged if the expected selling pressure from the whale’s transfer materializes.
Technical outlook and future predictions
As a Dogecoin investor, I’ve noticed some encouraging technical signals. At the current moment, it appears that Dogecoin is making efforts to break free from its daily downtrend based on my analysis of the charts. The 4-hour chart reveals an intriguing development – Dogecoin has entered an order block, which seems to be fueling its ongoing price increase.
Although AMBCrypto’s analysis indicates a positive development for DOGE, there is a possibility of a minor dip to $0.13 if the digital asset breaks its upward pattern on the 4-hour chart. This brief decline would help DOGE accumulate more liquidity at lower prices before potentially continuing its upward trajectory.
Currently, according to a recent study by AMBCrypto, the vast majority of Dogecoin (DOGE) investors are experiencing profits. The number of short liquidations has exceeded long liquidations, implying that prices could continue climbing, possibly wiping out these liquidations altogether.
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2024-05-17 07:03