Whales Move Millions Of DOGE To Exchanges: Potential Sell Off?

• Whale Alert reported that two whales transferred millions in DOGE to exchanges.
• A significant medium-term bullish technical flag was triggered on DOGE’s daily chart in the past 3 days.
• At press time, DOGE was worth $0.07229 after its price rose by 0.42% over the past 24 hours.

The blockchain tracking and analytics platform, Whale Alert, shared on Twitter yesterday that two whales transferred Dogecoin (DOGE) worth millions to exchanges. According to the first post by the platform, one whale transferred 85,000.009 DOGE, worth approximately $6,177,001, from an unknown wallet to Binance yesterday.

In addition, a second post from Whale Alert indicated that the other whale transferred 450,000,000 DOGE, valued at more than $32 million, from an unknown wallet to Robinhood. Traders should keep their eyes on the meme coin’s price as these transfers may be the early signs of a potential DOGE selloff.

The altcoin’s price had broken above the $0.07152 resistance level over the past 24 hours, and continued to trade above the mark at press time. Traders may look to take profit, which could cause DOGE’s price to correct to the recently-flipped $0.07152 price point in the coming 24 hours.

Continued sell pressure may even bring the cryptocurrency down to $0.06972 in the following 48 hours. One thing to take note of, however, is that a significant medium-term bullish technical flag was triggered on DOGE’s daily chart over the past 3 days.

The 20-day EMA line had crossed above the 50-day EMA line on Thursday – signalling that DOGE’s price had entered into a positive trend and may continue to rise in the upcoming week. This cross between the two EMA lines resulted in DOGE climbing from a low of $0.06926 to a high of $0.07688 yesterday.

Should this bullish momentum continue, DOGE may attempt to retest the next major resistance level at $0.07409 in the next 48 hours. This bullish thesis will be invalidated if DOGE closes today’s daily candle below the aforementioned $0.07152 mark.

Meanwhile, the market tracking website CoinMarketCap indicated that DOGE’s price rose by about 0.42% over the past day of trading. As a result, the meme coin was trading hands at $0.07229 at press time. This price ascent allowed DOGE to also strengthen against both Bitcoin (BTC) and Ethereum (ETH) by 0.20% and 0.40% respectively.

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