Dogecoin: >$280M exchange wallets as trader points to “the same pattern”
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- The biggest Dogecoin whale moved over $280 million worth of DOGE.
- DOGE was unable to breakout from decline as famous trader predicted more reds.
The address with the largest Dogecoin [DOGE] holdings transferred 3.84 billion of the meme coin, valued at $280.6 million, in the early hours of 20 December. The bagholder, who owned about $2.5 billion DOGE in a Robinhood wallet, completed the transactions in 14 batches, according to Lookonchain.
— Lookonchain (@lookonchain) December 20, 2022
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However, the asset shift did not reflect a motive to sell, as it remained unclear if it was transferred to an exchange wallet. Following the act, Dogecoin stayed put in holding the reds.
According to CoinMarketCap, DOGE lost 3.87% of its 24-hour value at press time. Meanwhile, the one-hour trend showed a move towards a 1% uptick.
As for its volume, Santiment data disclosed a 114% increase from the previous day. This indicated that DOGE exhibited solid market strength despite the fall in value.
Momentum is for the bears
On further assessment, it was unlikely that DOGE would last long in the green area. Considering its performance against the U.S. dollar, the daily chart displayed a rock-hard bearish momentum.
At the time of writing, the Moving Average Convergence Divergence (MACD) indicated that the DOGE outlook was unsuccessful with buying pressure.
Data from the indicator’s histogram revealed that the selling force had overpowered the attempt to put buyers in authority. The blue line oscillated below the orange. Moreso, the 12 to 26 Exponential Moving Average (EMA) depicted negativity, trending below the zero point.
In terms of volatility, the Bollinger Bands (BB) measured that the current position exposed DOGE as an incredibly high-risk asset. However, the $0.0745 DOGE price was continually hitting the lower bands. This instance indicated that DOGE was in an oversold region.
Since there was no squeeze, the BB stance might not offer an excellent trading position despite the potential for correction.
How many Doge Coins can you get for $1?
Whale superpower, but it’s the same design
The Dogecoin whale might have played no role in impacting the price. However, the transfer between wallets could stabilize the supply held by the top DOGE whale.
At press time, Santiment showed that whale supply held steady at 43.58. Although it went lower on 18 December, whale transactions around the $100,000 region could make up for the decline.
On the other end, DOGE might carry on revolving around the drop zone. This was the viewpoint of the famous trader and CEO of a global trading firm, Factor LLC, Peter Bradnt. In his tweet, Brandt mentioned that DOGE would not exit its “Mulberry Bush” pattern, especially as its June – December 2022 exploits were similar.
Dogecoin $DOGEUSD is forming the "Here we go round the Mulberry Bush" chart pattern pic.twitter.com/IZoJAgZpPX
— Peter Brandt (@PeterLBrandt) December 19, 2022