Key Insights:
- Whale wallet amasses 52.9M DOGE worth $11.7M after repeated multi-million withdrawals from Binance.
- DOGE trades between $0.20 and $0.25, with indicators showing consolidation and limited trend momentum.
- Analysts note breakout above long-term resistance, suggesting potential continuation if $0.1655 support remains intact.
A Dogecoin whale has withdrawn another 20 million DOGE, valued at $4.43 million, from Binance. Blockchain data shows the transaction moved tokens from a Binance hot wallet to the whale’s private address. The transfer was recorded just 16 minutes before the report.
This latest move adds to a series of recent withdrawals. One day earlier, the same address removed 16.9 million DOGE worth $3.58 million, and two days before that, it withdrew 15.99 million DOGE valued at $3.51 million, along with a smaller transfer of about 1,000 DOGE. With these transactions combined, the wallet now holds 52.9 million DOGE, worth approximately $11.71 million at current market prices.
Technical Structure Points to Breakout Setup
Analysts tracking Dogecoin’s weekly chart noted a breakout from a long-term descending resistance line. After moving above the trendline, DOGE retested the level around $0.1655, which has held as support. A similar setup occurred in 2020 before Dogecoin’s sharp rally.
The chart also shows a series of higher highs and higher lows, suggesting the broader upward structure remains intact. “$DOGE will have its turn,” Galaxy commented, pointing to the potential for continuation if support levels remain stable. Resistance remains near $0.729, the peak from the last market cycle.
Price Consolidates Near $0.22
On the daily chart, Dogecoin is trading at $0.2217, posting a 5% gain in the past 24 hours and up 4% over the week. The price has been consolidating between $0.20 and $0.25, with traders watching for a decisive move beyond this range.
Technical indicators show a neutral setup. The MACD lines are close together near zero with a slightly negative histogram, signaling limited momentum. The RSI stands at 49.5, reflecting neither overbought nor oversold conditions. This aligns with the sideways movement observed since late July.
Market Outlook
Trading volume over the past 24 hours reached $2.04 billion, underscoring continued activity despite the consolidation phase. Key levels remain defined at $0.20 as support and $0.25 as resistance in the short term. A breakout beyond these boundaries could provide clearer direction for DOGE price movement.
The whale accumulation trend, combined with chart structure and stable price action, continues to draw attention from market watchers. The steady withdrawals from Binance indicate a shift of DOGE holdings into long-term storage, a move some traders associate with reduced selling pressure.
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Source: https://coincu.com/analysis/whale-pulls-4-4m-doge-from-binance/