According to a tweet provided by the whale tracking network Whale Alerts, a large amount of Dogecoin (DOGE) was transferred from a cryptocurrency exchange to unknown pockets. The platform stated in the post that 253,419,377 DOGE, worth more than $16 million, was transferred from Robinhood to an unknown pocket earlier today.
The reaction to the Twitter post has been mostly positive, with many commenters suggesting it might be a bullish indicator for DOGE and that the value of the main meme coin could skyrocket. This could be because DOGE was one of the few tokens that saw its value grow throughout the prior day of buying and selling.
According to the market monitoring website CoinMarketCap, DOGE’s value was able to rise by more than 2% over the last 24 hours, leaving it trading palms at $0.06371 as a result. This meant that, at the time of writing, DOGE was trading extremely close to its daily high of $0.063889.
While the meme coin’s value increased, its intraday buying and selling volume decreased by slightly less than 50% since the previous day. As a result, DOGE‘s amount was approximately $391.64 million. Meanwhile, DOGE still had some work to do to get its weekly performance back into the inexperienced zone, since it was down by more than 16%.
On DOGE’s daily chart, a major medium-term bearish flag has formed, with the 20-day EMA line crossing under the 50-day EMA line over the previous three days. This suggested that bears had the upper hand at press time, which could result in DOGE’s value decreasing against the USD in the coming week.
If this bearish flag is confirmed, DOGE’s value could fall as low as $0.$0.05801. However, if the price of DOGE finishes a daily candle above the lower limit of the Bollinger Bands (BBANDS) indicator at $0.06304, it may rise to $0.06881. A break over this level opens the way for the meme coin’s value to increase to $0.07409.