Dogecoin Price in Danger: Whale Sell-Off Sparks Investor Concerns
Dogecoin (DOGE) has recovered impressively and is still on its bullish path. But given the whale activity over the last 48 hours, it’s unclear if this optimistic forecast will hold up. According to on-chain data released by a well-known cryptocurrency specialist, Dogecoin whales with holdings ranging from 10 million to 100 million DOGE have sold over 200 million coins in the last 48 hours. This significant sell-off in the face of market uncertainty seems concerning and might harm sentiment if it persists.
Dogecoin Price Eyes Breakout After Week-Long Consolidation Zone
The price of DOGE is now rising, up 0.82% to trade at $0.2146. As of right now, the price of Dogecoin has spent the last week in a little consolidation zone between $0.208 and $0.223. The memecoin is currently moving toward the top border after touching the lower boundary. According to the current price action, only if the price of DOGE breaks out of this consolidation zone is a significant directional move likely to take place.
Dogecoin Hovers in Neutral Zone: Will Bulls or Bears Take Control?
Technical analysis by AMBCrypto suggests that if DOGE breaks above the upper limit of its consolidation zone, it may rise 10% to $0.245. On the other hand, the price may decline 10% to $0.19 if it falls below the lower barrier. The DOGE price is hovering above the red-hued technical signal Supertrend at the time of writing. It suggests a long-term downward trend and possible negative pressure. In contrast, the Relative Strength Index (RSI), which has a value of 52.5, is neutral. This points to a balanced momentum where neither bulls nor bears are clearly in control.
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