The post Is DOGE at risk? Analyzing the $25M Dogecoin sell-off! appeared on BitcoinEthereumNews.com.

Dogecoin experienced a 1.4% decline following a large sell-off but quickly bounced back with a 4% rise, trading around $0.148. DOGE’s open interest surged to $940 million, indicating strong trader interest. Dogecoin [DOGE] experienced a positive trend in the past week, breaking through key price points. However, as the price climbed to a notable high, a significant volume of DOGE was transferred to an exchange, indicating a potential sell-off. Dogecoin sees sell-off Data from Whale Alert revealed a large transfer of Dogecoin to the Binance exchange on 20th October. Over 176 million DOGE, valued at more than $25 million, was moved in what appeared to be a substantial sell-off. The wallet involved in the transaction still holds over 10 million DOGE, valued at nearly $1.6 million. This transfer came after Dogecoin’s price saw an upward surge, leading to speculation that holders were cashing out after the price increase. Dogecoin bounces back from sell-off Despite the sell-off, Dogecoin has shown resilience. Price chart analysis revealed that selling pressure caused a brief dip in the last trading session. Trading volume spiked to approximately $333 million, confirming that trader sell-offs had temporarily dominated. DOGE saw a 1.4% decline, trading at around $0.142 at one point. Source: TradingView However, as of this writing, Dogecoin has bounced back, regaining its momentum. The price has increased by over 4%, now trading at approximately $0.148. The Relative Strength Index (RSI) analysis shows that DOGE remains in the overbought zone, indicating that demand remains strong.  Additionally, the $0.130 price level has now become the latest support area, a level last seen in June before the token quickly dipped below it in subsequent sessions. More open interest, but warning signs flash According to data from Glassnode, the recent sell-off was temporary, with open interest increasing significantly over the past…

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Filed under: News - @ October 21, 2024 4:21 pm