On-chain data shows a Dogecoin whale has made a significant withdrawal from cryptocurrency exchange Binance despite the decline in the memecoin’s price. Dogecoin Whale Has Made A Massive Move During The Past Day According to data from cryptocurrency transaction tracker service Whale Alert, a large move has been spotted on the Dogecoin blockchain over the past day. The transfer in question involved the movement of nearly 122.4 million DOGE, worth around $28.5 million at the time the network processed it. Related Reading: Bitcoin Whales Sell 147,000 BTC Since August, Fastest Selloff Of Cycle Considering the scale of the transaction, it’s likely that a whale entity was behind it. Whales refer to the big-money investors of the cryptocurrency, who can carry some degree of influence in the market thanks to their large holdings. Moves related to such holders can be worth keeping an eye on, due to their standing. The transfers may not directly impact the memecoin’s price, but they can still contain information about the sentiment among these giants. A lot of these moves are anonymous, however, meaning it can be hard to infer anything from them. Luckily, the latest Dogecoin whale transaction involved a wallet that has already been identified. Below are the address details related to the transfer. As is visible, the sending address in the case of this Dogecoin whale transaction was a wallet attached to cryptocurrency exchange Binance. The receiver, on the other hand, was an unknown wallet, suggesting that it was likely to be an investor’s self-custodial address. Moves of this type, where coins flow from centralized exchanges to self-custody, are known as Exchange Outflows. Generally, holders move coins away from the custody of these platforms when they plan to hold them in the long term, so Exchange Outflows can have a bullish impact on the asset’s price. The latest Binance Exchange Outflow from the whale has interestingly come following a drop of almost 18% for the memecoin over the past week. As such, it’s possible that the withdrawal corresponds to the large investor using the lower prices to accumulate DOGE. Related Reading: Bitcoin Dip-Buy Calls Spike: Why This Could Actually Be Bearish Speaking of buying, the Dogecoin whale cohort as a whole has added a significant amount of the asset to their wallets during the last couple of days, as analyst Ali Martinez has pointed out in an X post. As displayed in the above chart, the total supply of the Dogecoin investors carrying between 100 million and 1 billion tokens has gone up by 2 billion DOGE (about $465 million) within this window. DOGE Price At the time of writing, Dogecoin is trading around $0.23, down more than 4.5% over the last 24 hours. Featured image from Dall-E, Santiment.net, whale-alert.io, chart from TradingView.com
An analyst has explained how Dogecoin might have to hold strong above this level, if the memecoin has to avoid a 30% price drop. Dogecoin Is Currently Trading Inside A Symmetrical Triangle In a new post on X, analyst Ali Martinez has shared a chart that shows where Dogecoin currently stands from a technical analysis (TA) perspective. Below is the graph in question, showing the trend in the 1-day price of the memecoin. From the chart, it’s visible that the Dogecoin price has possibly been trading inside a triangular channel during the last few months. The channel hasn’t appeared to be just any triangle-shaped one, either, but a special type called the Symmetrical Triangle. Related Reading: Ethereum ETF Frenzy: Inflows Jump 5x While Bitcoin Stalls A Symmetrical Triangle forms whenever an asset observes consolidation between two trendlines converging at a roughly equal and opposite slope. The upper line of the pattern tracks lower highs in the price, and the lower one higher lows. As the asset moves inside this channel, its range becomes narrower with time, until it shrinks down to a point at the apex. Generally, volatile moves are more likely to occur when consolidation tightens, so a breakout of the pattern becomes increasingly probable as the price approaches the tip of the triangle Symmetrical Triangle breakouts can signal a continuation of the trend in the direction of the break. This means that a rise above the pattern can be a bullish sign, while a drop below it may be a bearish one. As displayed in the chart, the 1-day price of Dogecoin has recently been nearing the end of the triangle, a potential sign that a breakout could be imminent. Currently, the memecoin is retesting the lower line, so it will be interesting to see whether the level holds or if this is where a break would finally happen. Unlike the Ascending and Descending Triangles, two other popular types of triangular channels in TA, breakouts are usually considered to be equally probable in either direction for a Symmetrical Triangle. The reason is simple: consolidation occurs in an exactly sideways manner in this pattern. In contrast, the Ascending and Descending types slope upward and downward, respectively, which can bias the breakout direction. Thus, even if Dogecoin is retesting the lower level right now, a rebound and then breakout from the upper line may also still be quite possible. That said, in the event that a bearish breakout does take place, things can be especially troubling for DOGE, as there is another level of importance just nearby. Related Reading: $390M In Ethereum Leaves Exchanges—Biggest Daily Exit In Over A Month The level in question, situated around $0.168, corresponds to the 0.786 Fibonacci Retracement level. Fibonacci Retracement levels are lines defined using ratios found in the famous Fibonacci series. “Dogecoin $DOGE must hold above $0.168 to avoid a 30% price drop!” warns the analyst. DOGE Price At the time of writing, Dogecoin is trading around $0.177, down over 4% in the last week. Featured image from Dall-E, charts from TradingView.com
An analyst has pointed out how Dogecoin could end up seeing an extended drawdown, based on this Ascending Triangle pattern forming in its hourly price. Dogecoin Has Lost The Support Of An Ascending Triangle Recently In a new post on X, analyst Ali Martinez has talked about an Ascending Triangle pattern for Dogecoin. The “Ascending Triangle” refers to a technical analysis (TA) formation that appears when the price of an asset consolidates inside a triangular region. The ‘Ascending’ in the pattern’s name comes from the fact that this consolidation happens towards a net upside. There are two trendlines in this pattern: an upper level that’s parallel to the time-axis, tracing successive highs, and a lower one that has a positive slope, connecting successive higher lows. Related Reading: This Bitcoin Correction Is Different From March 2024—Here’s Why Just like with any other consolidation pattern in TA, the upper level of the triangle is likely to be a source of resistance in the near future, while the lower one that of support. A break out of either of these boundaries can signal a continuation of trend in that direction. The Ascending Triangle isn’t the only type of triangular pattern in TA, two other popular varieties include the Descending Triangle and Symmetrical Triangle. The former of these is just the opposite of the Ascending Triangle: it forms when the price consolidates to the downside instead. The latter, the Symmetrical Triangle, is a sort of middle-ground between the Ascending and Descending versions, with both of its trendlines having an equal and opposite slope. That is, when the asset is inside this pattern, it converges at a mid-point. Recently, Dogecoin’s 1-hour price looked like it was following an Ascending Triangle. Here is the chart shared by Martinez, that shows this pattern for the memecoin: As is visible in the above graph, the hourly Dogecoin price recently made a retest of the lower line of this Ascending Triangle, but it would appear the coin has been unsuccessful in finding support at it, as it has slipped right through. Related Reading: XRP Jumps 7% After Surge In Network Activity & Whale Buying From the graph, it’s apparent that the memecoin wasn’t far from the apex of the triangle when this break came. Consolidation gets narrower as an asset reaches the end of the pattern, so breakouts start to become more likely. As mentioned before, a breakout can mean a potential continuation of trend in the direction of the break. So, in this case, DOGE has just witnessed a bearish signal. Often, the length of a move emerging out of an Ascending Triangle breakout is of the same length as the height of the triangle itself. Based on this, the analyst notes a 16% price swing could occur for the coin as a result of pattern. DOGE Price Dogecoin has taken to flat movement in the past week as its price is still floating around the $0.16 mark. Featured image from Dall-E, charts from TradingView.com
In a freshly shared four-hour chart of the DOGE/USDT trading pair on Binance, crypto analyst Carlos Garcia Tapia warns of potential downside for Dogecoin as weekend trading approaches. “If bears break this pattern, it’ll get ugly… especially since the weekend is coming,” Tapia warns. Dogecoin Price Crash Incoming? His chart posted via X depicts an ascending wedge formation running into a confluence of resistance between $0.338 and $0.343, as well as a notable support zone in the $0.31 region. The chart highlights higher lows (marked as “LL” on the chart) forming the lower boundary of an ascending wedge. Meanwhile, overhead resistance (a rectangular zone around $0.338–$0.343) has repeatedly capped upward price movements. This wedge appears to be compressing price action—often a setup for a significant breakout or breakdown. A horizontal resistance zone around $0.34 stands out. DOGE’s price has attempted multiple short-term moves above this level but failed to secure a confirmed breakout, suggesting sellers are firmly defending that zone. Related Reading: Dogecoin Open Interest Climbs To $4 Billion Again After Market Rebound On the downside, a green box spanning roughly $0.310 marks an area where buying interest has historically picked up. Below that level, the chart references a lower support marker near $0.262, indicating a more substantial potential drop if the wedge pattern breaks down decisively. The analyst specifically points to the upcoming weekend as a wildcard. Historically, lower trading volumes on Saturdays and Sundays can exacerbate volatility. If Dogecoin fails to hold its rising trend line—currently near $0.328–$0.330—and liquidity thins out, the price could swiftly test the lower support around $0.310, or potentially slide toward the $0.262 zone if the selling momentum accelerates. Related Reading: Dogecoin Is Setting For A Massive Leg Higher – Analyst Sees Bullish Consolidation Above Key Level While a breakout above $0.343 could invalidate this bearish setup, Tapia’s cautionary note underscores the significance of a potential breakdown from the wedge formation. Weekend price action often diverges from midweek patterns due to reduced participation, meaning a sharp move in either direction could unfold more quickly than usual. DOGE Needs To Hold $0.31 The daily chart supports Tapia’s thesis. There, Dogecoin (DOGE) finds itself under intensifying downward pressure as price action hugs a persistent downtrend line. After hitting a local high in December, DOGE has retreated below key exponential moving averages (EMAs). The 20-day EMA (currently at approximately $0.3457) and the 50-day EMA (near $0.3473) have both curved lower, signaling waning short-term momentum. A glance at the chart reveals that DOGE is now just slightly above the 0.382 Fibonacci retracement level, calculated around $0.313. This Fib zone has acted as the most crucial support since mid-December, but any decisive daily close beneath it could accelerate selling. Traders are keeping a close eye on the 100-day EMA (around $0.3179), which is sandwiched just above this Fib level. If the price fails to defend the area between $0.313 and $0.317, then eyes will turn to the 200-day EMA at roughly $0.2613 as a critical long-term support. If this level breaks to the downside as well, the 0.236 Fib at $0.212 could quickly become a reality. Featured image created with DALL.E, chart from TradingView.com
On-chain data shows a Dogecoin whale has withdrawn a large sum from the cryptocurrency exchange Binance, a sign that may be bullish for the DOGE price. Dogecoin Whale Makes Massive Binance Withdrawal After Crash According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transaction has been spotted on the Dogecoin blockchain during the past day. Related Reading: Solana Plunges 12%, But This Pattern Could Mean Decline Isn’t Over Yet The transfer in question saw the movement of 175,274,112 DOGE across the network, worth around $54.7 million at the time the sender executed the move. Given the size of the transaction, it’s likely that a whale entity was responsible for it. Whales are the large investors in the market who own notable amounts of the asset in their wallet balance. The influence of any investor on the network goes up the more coins that they hold, so the whales with their massive holdings can have an important presence. As such, their behavior can be something to watch for. How the moves of a whale might affect the asset comes down to what they intended to achieve with it. Due to the anonymous nature of the blockchain, though, it’s often not easy to comment on the intent behind any transfer. Luckily, in the case of the current transaction, there is one identifiable feature attached to it: a wallet associated with a centralized platform. Below are the address details for this Dogecoin whale transfer. As is visible, the receiving address in the case of the transfer was an unknown wallet, meaning that it can’t be traced to any known central entity. Such addresses are likely to be the investors’ personal wallets. The sending address, on the other hand, was attached to the cryptocurrency exchange Binance. Moves like this, where tokens flow from an exchange to a self-custodial address are known as exchange outflows. Related Reading: Bitcoin To $181,000? Mayer Multiple Reveals When BTC Will Become ‘Overbought’ Generally, the investors take their Dogecoin off into self-custody when they plan to hold into the long term, so exchange outflows can have bullish implications for the memecoin’s price. The whale has made this latest exchange outflow following a sharp decline in the price of Dogecoin, so it’s possible that these were all tokens freshly bought at the lower price. If so, this would naturally be a positive sign for the asset, as it suggests the large investors think this dip of the memecoin is worth accumulating at. DOGE Price At the time of writing, Dogecoin is floating around $0.32, down more than 10% over the past week. Featured image from Dall-E, whale-alert.io, chart from TradingView.com
Dogecoin has observed a plummet of 11% over the past week, but this decline may not continue further, as DOGE is now just above a major on-chain support block. Dogecoin Is Now Just Above A Major On-Chain Demand Zone According to data from the market intelligence platform IntoTheBlock, DOGE is currently above a zone of significant on-chain demand. In on-chain analysis, “demand zones” refer to price ranges in which many investors buy their coins. Related Reading: Solana Set For “A Major 53% Price Move,” Analyst Reveals Why These zones are determined using blockchain data; the average price at which an address receives deposits is considered its cost basis. Below is a chart showing how the Dogecoin price levels near the current one are based on how many addresses share their cost basis with them. In the graph, the size of the dots corresponds to the number of addresses that acquired their coins within the respective range. It would appear that the $0.096 to $0.139 range currently looks to be the largest Dogecoin price range in terms of this metric. More specifically, 409,330 addresses acquired a total of 45 billion DOGE inside this range. Now, what’s the relevance of this demand zone, or any other one, for that matter? Generally, the cost basis is an important level for any investor, so they may be more prone to show some reaction when the spot price of the cryptocurrency retests it. A few investors showing this reaction would naturally not be relevant for the broader market. Still, if many of them share their cost basis inside the same narrow range, then a retest could produce a large reaction for the price to feel its effects. The demand zone around the average price of $0.115 had many addresses acquire their coins there, so its retest could be significant for the memecoin. As the current Dogecoin price is above this range, these investors who bought inside the range would be sitting on some profits. Historically, such demand zones below the price have acted as points of support for the cryptocurrency. This is because investor psychology tends to work out, so these holders who were in profits before the retest may believe the price would go up again so they could decide to buy more of the asset. On the other hand, investors in the red before the retest can fuel the cryptocurrency’s resistance as they sell in fear that the price will fall again. “On the upside, DOGE may face resistance around the $0.16 level, where 20 billion DOGE is presently held at a loss,” notes IntoTheBlock. Related Reading: Why Is Bitcoin Stagnant Despite ETF Inflows? Report Answers It remains to be seen whether the on-chain demand zone below would help stop the memecoin’s decline if its price drops enough to retest it. DOGE Price The past week has been a bad time for Dogecoin investors as the asset’s price has crashed around 11%. Following this drawdown, DOGE is now trading around $0.142. Featured image from iStock.com, IntoTheBlock.com, chart from TradingView.com