CandleFocus Dogecoin (DOGE) Poise For 20% Price Drop if This Happens
2024-12-12
Author: Content Editor
Dogecoin (DOGE) is experiencing downward momentum as whale activity and price action suggest a bearish trend. An unknown wallet recently transferred 146.6 million DOGE worth $56.5 million to Robinhood, indicating a potential intention to sell and create selling pressure. Technical analysis shows a bearish outlook with an inverted hammer candlestick pattern and downside momentum, potentially leading to a 20% decline to $0.35 if DOGE remains below $0.42. However, the 200-day EMA suggests an uptrend. Analytics firm Coinglass also supports the bearish outlook, with a record low long/short ratio and a majority of top traders holding short positions.
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