Meme cryptocurrency Dogecoin (DOGE) continues to grapple with bearish sentiment as it aligns with the broader market downturn. The recent decline has placed significant pressure on DOGE to maintain its price above crucial support levels, with the current $0.15 threshold appearing increasingly uncertain.
Attention has now shifted to how long the support will hold, particularly considering on-chain data indicating heightened activity among whales in the Dogecoin ecosystem. Notably, data by Whale Alert on April 14 revealed that 600 million DOGE, valued at approximately $92 million at the time of transfer, moved from an unknown wallet to crypto exchange Binance.
? ? ? ? 600,000,000 #DOGE (92,311,146 USD) transferred from unknown wallet to #Binancehttps://t.co/W0QjkyOacJ
— Whale Alert (@whale_alert) April 13, 2024Additionally, another 350 million DOGE, valued at around $53.92 million, moved from Robinhood to an undisclosed wallet.
DOGE seven-day price chart. Source: Finbold
Overall, the prevailing mid-term outlook for Dogecoin remains bearish. It’s worth noting that DOGE has found support at the $0.15 level after dropping as low as $0.141 in the last 24 hours.
Indeed, the current support can be considered a hotspot for buyers, potentially preventing a more extended decline and possibly igniting a rally that could retest resistance levels at $0.2
However, considering that DOGE is trading in tandem with the overall market, any sustained bullish sentiments would likely see the coin lose its position and correct to as low as $0.13. The transaction from Binance could validate this outlook.
Overall, given the prevailing bearish pressure on Dogecoin and the substantial whale activity, the meme coin requires support from the broader market to avoid experiencing further declines.
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