This might be the reason why DOGE is struggling
Release: 2024/04/27 00:34 Reading: 900
Crypto Whale Deposits Dogecoin on Coinbase, Triggering Price Drop
In the ongoing struggle in the cryptocurrency market, Whale Alert, an on-chain transaction tracker, recently made a post on X (previously Twitter), revealing that a crypto whale had deposited a massive amount of Dogecoin into Coinbase, the biggest cryptocurrency exchange in the United States. According to the data, this crypto whale deposited a significant 228 million DOGE, which is worth nearly $34 million.**
Why DOGE Price is Not Increasing?
This is not the first time crypto whales have deposited their DOGE holdings into DEXs (Decentralized Exchanges). Following the release of the United States CPI data (Consumer Price Index) and ongoing geopolitical tensions, many whales have deposited massive amounts of DOGE tokens into DEXs, resulting in a significant over 18% price fall in the market.
The recent 228 million DOGE deposit on Coinbase caused a price drop of over 1%. Currently, DOGE is trading near $0.14, and in the last 24 hours, it experienced nearly a 1.5% downside momentum. Over a longer period, in the last 7 days, DOGE experienced nearly a 2% downside momentum, while in the last 30 days, it experienced more than an 18% downside momentum.
Dogecoin Technical Analysis and Key Levels
According to expert technical analysis, on a daily time frame, DOGE is finding support from a trendline and consolidating in a tight range between $0.147 and $0.164. If any DOGE daily candle closes below $0.147, then in the coming days, we may witness a massive fall in DOGE to the $0.128 level. However, if the DOGE daily candle closes above $0.164, then in the coming days, we may witness a massive upside momentum until the $0.203 level. Source: TradingView
Additionally, due to the ongoing price consolidation, the 24-hour trading volume has also dropped by 30%, reaching below $1 billion. This highlights the lack of interest from investors as well as retailers in DOGE.
Meanwhile, at the same time, the overall cryptocurrency market is also struggling to gain momentum. Top cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, Binance Coin, and others continue to struggle and experienced nearly a 1% downside momentum.
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