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DOGE Price- Dogecoin Breaks Resistance Amid Whale Transfer
DOGE Price– Dogecoin [DOGE] has recently regained market attention following a clear breakout above a key local resistance level. However, just as bullish momentum was building, a large whale transaction introduced a note of caution.
Whale Transfers 155 Million DOGE to Robinhood
According to Whale Alert, an unidentified whale moved a massive 155 million Dogecoin [DOGE] tokens to the Robinhood exchange. While it is not confirmed whether this signals a sell-off, such moves often spark concerns among traders looking for potential exit points.
In crypto, whales moving tokens to centralized exchanges often signal an intent to sell. That, in turn, can weaken bullish conviction—unless there’s counterpressure from retail or derivative markets.
Bullish Sentiment Supported by Data
Despite the whale movement, data from CoinGlass shows traders are mostly bullish, with long liquidation leverage on DOGE outweighing shorts. At the time of analysis, Dogecoin [DOGE] held $22.64 million in Long Liquidation Leverage, compared to $18.85 million in Short Liquidation Leverage. This imbalance could set the stage for a short squeeze, potentially pushing prices higher.
Spot market data also shows a $6.32 million outflow of Dogecoin [DOGE] from exchanges in the past 24 hours, which often indicates accumulation and growing buying pressure after the breakout.
DOGE Price Rises Over 6.5% in 24 Hours
Dogecoin’s price climbed about 6.5% to $0.195 during this period, with trading volumes surging 65%. After breaking the descending trendline, DOGE rallied 5%, nearing a local resistance at $0.196, which it appears ready to surpass.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
