Large Quantity of DOGE Transferred in Four Days: What Are Major Players Indicating?
In the world of cryptocurrency, Dogecoin (DOGE) has been making headlines recently. Here's a breakdown of the current situation based on recent developments.
CleanCore Solutions, an institution with growing interest in DOGE, has boosted its holdings to over 600 million DOGE. The company aims to reach a significant target of 1 billion DOGE in the short term, as institutional interest in the coin continues to rise.
However, a notable decrease in the total balance of large DOGE holders (100 million to 1 billion DOGE) has been observed. In the last four days, these large holders have offloaded a combined 680 million DOGE. The timing of this event suggests that large holders might have been profit-taking, as DOGE's price peaked around $0.3 and then experienced a pullback to $0.27.
Technical analyst Trader Tardigrade has noted that DOGE's Relative Strength Index (RSI) is currently sitting at a key support level. This level, similar to a zone that held in early September, may offer price stability or a bounce. If RSI support holds, downside momentum could be easing, according to Trader Tardigrade.
The comparison chart shows two earlier setups where DOGE formed a rounded base before making strong upward moves. This similarity in structure, along with the current stage, might indicate a potential path toward $5, as suggested by the chart.
Despite the recent decline, Dogecoin has seen a minor setback in the past day but is still up by over 10% across the past week. The 24-hour volume of Dogecoin is just above $3.84 billion.
Interestingly, market sentiment for Dogecoin is now reading bullish, according to MarketProphit data. Both retail and internal sentiment metrics indicate a positive outlook for the coin.
CryptooELITES has compared today's market structure with earlier cycles in Dogecoin's price. The current structure looks similar and is at the same stage as those past rallies began, adding another perspective to the potential path for DOGE.
As of press time, Dogecoin is trading close to $0.27. The exact motive for this sale remains unknown, but the overall market dynamics suggest a potential turning point for Dogecoin in the near future.
