200 Million DOGE Transferred to Binance: Is a Sell-Off Coming?
Recently, 200 million Dogecoin were moved from an unidentified wallet to Binance in a significant move.
200,000,000 DOGE worth $59,925,858 transferred from unknown wallet to Binance.
Significant transactions to cryptocurrency exchanges like Binance may be a sign of several possible outcomes. It can be a sign of a sale or trade intention. Although the precise rationale is still unknown, the move can be a part of Binance’s plans for liquidity provision.
DOGE Rebounds After Four-Day Decline: Can It Target $0.42 Next?
Dogecoin has recovered from a decline earlier this week; it is currently trading at $0.3211, down around 1.60% in the past day. Given that numerous significant cryptocurrencies have also reported gains after Friday’s big sell-off, this increase is consistent with a larger market rebound. On December 19, Dogecoin experienced a four-day decline, dropping below the 50-day SMA at $0.36. The meme coin experienced a sharp recovery after plunging as low as $0.262 during Friday’s session. In Saturday’s session, the rebound hit an intraday high of $0.35 before backtracking a little.
Positively, the current rebound is anticipated to encounter selling at the $0.36 daily SMA 50. Dogecoin may drop to as low as $0.23 if the price keeps declining. A break and closure above $0.36, with possible goals of $0.42 and $0.48, will be the first indication of strength.
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