Dogecoin: >$280M FX wallet traders point to ‘same pattern’

  • The largest Dogecoin election moved DOGE to a value of over $280 million.
  • DOGE could not break out of the decline as the famous trader expected more red.

The address is larger Dogecoin [DOGE] 3.84 billion meme coins, worth $280.6 million, were transferred as early as December 20th. The briefcase holder, who held about $2.5 billion of DOGE in Robinhood’s portfolio, completed transactions in 14 rounds, according to Lookonchain.

Is your dog red or green? check Profit calculator

However, the asset shift did not reflect an impulse to sell, as it remained unclear whether it was transferred to an exchange portfolio. After the action, Dogecoin remained in the red.

According to CoinMarketCap, DOGE has lost 3.87% of its value over the 24-hour period at press time. At the same time, the one hour trend showed a development towards an increase of 1%.

In terms of volume, Santiment’s data revealed an increase of 114% from the previous day. This indicates that DOGE has shown strong market power despite the depreciation.

Source: feeling

momentum for bears

Upon further evaluation, it was unlikely that DOGE would last long in the green. Looking at its performance against the US dollar, the daily chart has shown a strong bearish momentum.

At the time of writing, the Moving Average Convergence Divergence (MACD) indicator indicated that the DOGE forecast was failing with buying pressure.

The data from the indicator’s histogram revealed that the selling force has overcome the attempt to put the buyers in power. The blue line oscillates below the orange. Moreso, the 12 to 26 Exponential Moving Average (EMA) depicts negative, below zero trends.

In terms of volatility, the Bollinger Bands (BB) measured that the current position presents DOGE as an incredibly high-risk asset. However, DOGE price at $0.0745 is constantly breaking the lower bands. This condition indicated that DOGE was oversold.

Since there is no pressure, the BB position may not provide an excellent trading position despite the possibility of a correction.

Dogecoin price movement

Source: TradingView

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Dogecoin’s election may not have played a role in influencing the price. However, switching between governors can stabilize the bid for the top DOGE election.

At the time of publication, Sandiment showed it Electoral offer It remained unchanged at 43.58. Although it fell on December 18, options trading around the $100,000 region could make up for the decline.

Dogecoin election transaction and delivery

Source: feeling

On the other hand, DOGE may continue to circle around the drop zone. This was the point of view of the famous trader and CEO of the global trading company, Factor LLC, Peter Bradnt. Brandt mentioned in his tweet that DOGE will not leave the “Mulberry Bush” style, especially since their June-December 2022 exploits were similar.

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