Dogecoin ($DOGE) made headlines after two whale transactions moved an enormous $74 million worth of the token to Coinbase, fueling concerns of a potential sell-off.
The move has left the crypto community on edge, with traders and analysts closely monitoring the market.
Currently, $DOGE is consolidating around $0.33, even after recording a 3% daily rise. Analysts are eyeing critical levels, with potential upside targets of $0.3988 and downside risks of $0.2730. These price movements could be influenced by the recent whale transfers, which often signal impending market shifts.
Despite fears of a sell-off, sentiment among traders remains bullish. On Binance, 81.05% of traders with open $DOGE positions are betting on the token’s price going up. This optimism suggests confidence in Dogecoin’s ability to recover or rally further in the near term.
On lower time frames, $DOGE appears to be breaking out of a bear flag pattern, with a potential target of $0.27. This mirrors a pattern observed back in January 2021, which featured a hidden bullish divergence. At that time, Dogecoin’s price surged significantly, and some analysts believe history could repeat itself.
Adding to this speculation, a possible correlation with Donald Trump’s inauguration on January 20 has emerged. If past trends are any indication, a major price movement could occur around this date, potentially igniting another rally.
As whale activity and market sentiment collide, Dogecoin’s price remains at a crossroads. Investors should watch key price levels and market developments closely, as the token’s next move could bring substantial opportunities—or risks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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