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Top-Tier Dogecoin (DOGE) Wallet Receives Millions of DOGE, Could It Be Sign of Selling?

Thu, 02/09/2023 - 13:00
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Arman Shirinyan
Biggest meme currency on market sees spike in large transactions, which could lead to breakdown
Top-Tier Dogecoin (DOGE) Wallet Receives Millions of DOGE, Could It Be Sign of Selling?
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Dogecoin, the popular meme currency, has seen a series of large transfers worth approximately $10 million, but the destination of the funds remains a mystery. The last transaction received by the Dogecoin whale contained $883,000 worth of DOGE coins and marked the end of a series of large transfers.

Some market analysts believe that the funds might be used for additional funding of existing positions on the market, considering the recent performance of the asset. Despite the recovery that began in January, Dogecoin has struggled on the market in the last seven days and lost more than 14% of its value.

Dogecoin has gained a large following in recent years and has become a popular investment option for many traders. Despite its popularity, the cryptocurrency has faced several challenges on the market, and its value has been volatile. As of now, DOGE moves intact with the pattern that was formed back in October.

The descending triangle pattern is a technical formation that signals a potential bearish trend for an asset. This pattern is created by a horizontal support line and a downward sloping resistance line. In the case of Dogecoin, the upper border of this pattern has acted as a constraint, potentially pushing the price downward until either a breakout or breakdown occurs.

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On Feb. 4, Dogecoin was unable to break through this upper border and has seen a downward trend since then. This pattern commonly indicates a continuation of the current bearish trend. If the price of Dogecoin falls below the support level, it would solidify the pattern and could lead to a significant drop.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.