Dogecoin

<p>Dogecoin (DOGE), the popular and world’s largest crypto-meme coin, is poised to continue its downward momentum as whale activity and price action indicate a bearish sign.</p>   
<h2 class="wp-block-heading" id="h-whale-dumped-146-6-million-doge-nbsp"><strong>Whale Dumped 146.6 Million DOGE&nbsp;</strong></h2>   
<p>Recently, <a href="https://x.com/whale_alert/status/1866569489040413085" target="_blank" rel="noreferrer noopener nofollow">Whale Alert</a>, a whale transaction tracker, posted on X (formerly Twitter) that an unknown wallet had transferred a significant 146.6 million DOGE worth $56.5 million to the cryptocurrency exchange Robinhood.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/whale_alert/status/1866568000263868732 
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<p>In the realm of cryptocurrency, the transfer of assets from wallets to exchanges is often seen as a negative sign. It indicates that these assets are being transferred with the intention of being sold, which can create selling pressure and lead to price declines.</p>   
<h2 class="wp-block-heading" id="h-dogecoin-doge-technical-analysis-and-upcoming-levels-nbsp"><strong>Dogecoin (DOGE) Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, DOGE appears bearish as it has formed an inverted hammer candlestick pattern at the crucial resistance level of $0.42. Additionally, it has also begun to show downside momentum, which partially confirms this bearishness.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/12/12075214/DOGEUSDT_2024-12-12_07-52-03-1024x448.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/12075214/DOGEUSDT_2024-12-12_07-52-03-1024x448.png" alt="" class="wp-image-392036"></a>
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  Source: Trading View
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<p>Based on recent price action and historical price momentum, if DOGE remains below the $0.42 level, there is a strong possibility it could decline by 20% to reach $0.35 in the coming days. However, this bearish thesis is only valid as long as <a href="https://coinpedia.org/press-release/dogecoin-sees-whale-activity-while-1fuels-cross-chain-tech-captures-attention/">DOGE</a> is trading below the $0.42 level, otherwise, it may fail.</p>   
<p>Despite this bearish outlook, the 200-day Exponential Moving Average (EMA) on a daily time frame indicates that it is in an uptrend.</p>   
<h3 class="wp-block-heading" id="h-traders-bearish-outlook"><strong>Traders Bearish Outlook</strong></h3>   
<p>However, this bearish outlook is further supported by on-chain analytics firm Coinglass. Data from DOGE's long/short ratio indicates that short sellers are currently dominating. </p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/12/12075200/image-83.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/12075200/image-83-1024x263.png" alt="" class="wp-image-392035"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
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<p>t press time, this ratio currently stands at 0.78, a record low since the beginning of November 2024. In addition to this, currently, 56% of top traders hold short positions, while 44% hold long positions.</p>

Dogecoin (DOGE) Poised For 20% Price Drop if This Happens

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