- Whale Alerts shared on Twitter that a whale transferred 253,419,377 DOGE to an unknown wallet.
- DOGE’s price rose by 2+% over the past day, making it one of the few tokens that saw its price increase during this time.
- However, a significant medium-term bearish flag had triggered on DOGE’s daily chart.
A massive amount of Dogecoin (DOGE) was transferred from a cryptocurrency exchange to an unknown wallet, according to a Twitter post shared by the whale tracking platform Whale Alerts. In the post, the platform shared that 253,419,377 DOGE, worth more than $16 million, was transferred from Robinhood to an unknown wallet earlier today.
The response to the Twitter post has been mostly positive with many commenters believing it could be a bullish sign for DOGE, and that the price of the leading meme coin could pump soon. This might just be the case as DOGE was one of the few tokens that saw its price rise over the past day of trading.
The market tracking website CoinMarketCap indicated that DOGE’s price was able to climb by more than 2% throughout the past 24 hours, which left it trading hands at $0.06371 as a result. This meant that, at press time, DOGE was trading very close to its daily high of $0.063889.
While the meme coin’s price increased, its intraday trading volume slipped by just under 50% since the previous day. Subsequently, DOGE’s volume stood at about $391.64 million. Meanwhile, DOGE still had some work to do to get its weekly performance back in the green zone as it was down by more than 16%.
A significant medium-term bearish flag had triggered on DOGE’s daily chart, with the 20-day EMA line crossing below the 50-day EMA line during the past 3 days. This indicated that bears had the upper hand at press time, which may lead to DOGE’s price weakening against the Dollar in the coming week.
If this bearish flag is validated, then DOGE’s price could drop to as low as $0.$0.05801. On the other hand, if DOGE’s price closes a daily candle above the lower level of the Bollinger Bands (BBANDS) indicator at $0.06304, then it could climb to $0.06881. A break above this level will clear a path for the meme coin’s price to rise to $0.07409.
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