- Whale shifts 900M DOGE to Binance amid volatile market conditions.
- DOGE price hovers near key support and resistance technical levels.
- Massive exchange inflow sparks speculation on short-term liquidity shifts.
According to Whale Alert, a massive transfer of 900 million DOGE valued at about $207.97 million has been sent to Binance. Blockchain records initially pointed to an unknown wallet, but further tracking revealed it was tied to Binance’s internal wallet system.
The wallet in question is one of the largest in the Dogecoin ecosystem, with about 2.88 billion DOGE worth around $497.5 million. On-chain activity reveals that the address has received more than 12.21 billion DOGE in received transactions, and sent nearly 9.33 billion DOGE, pointing to it being a significant liquidity source to the exchange as opposed to being a single holder.
Massive Transfer Coincides With Market Volatility
This transaction came as the DOGE market was experiencing turbulence. Prices dropped to slightly below $0.22 after being above $0.25 and have recovered to about $0.23. Resistance can now be seen at around $0.238, whereas weaker support is being maintained at around $0.228.
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Exchange-linked inflows can have considerable effects on short-term market dynamics even when they are very large. These movements have the potential to change order book depth, spreads, and market makers’ strategies. Further, such volumes may bring DOGE to the level of $0.24, or a decline in the movement may take it to $0.22.
Technical Analysis
On the daily chart, DOGE is trading at $0.23041, showing a +2.88% gain for the session. The Bollinger Bands suggest that the price is slightly above the middle band ($0.22053), thus showing that the price is trying a small recovery after recent losses. The upper band is at $0.25105, which is the future target of a potential upside price in case there is buying pressure, and the lower band is at $0.19001, which is the wider range of downside risk.
The 20-day simple moving average is in line with the middle Bollinger band, which further supports the pivot of $0.22053 in the short term. The Relative Strength Index (RSI) is at 53.43, slightly above its moving average of 51.66, indicating slightly positive momentum but not overbought.
Source: Tradingview
In case bulls can break above $0.238, the price action may retest the upper Bollinger band around $0.251. Nonetheless, failure to maintain above the middle band may cause a revisit to the support of $0.22 and even reach the area of $0.19 in case the selling pressure gathers steam.
The substantial DOGE transfer to Binance has coincided with a sensitive technical setup. Traders are watching for a decisive move that could define the next short-term trend.
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