- Despite a 400 million exchange transfer, DOGE showed strength.
- The coin price might reach $0.090 if the bullish momentum is sustained.
The price of Dogecoin [DOGE] climbed by 3.50% in the last 24 hours even as a whale made a significant transaction to Robinhood, a centralized exchange.
According to Whale Alert, the participant sent 400 million DOGE, valued at $34.37 million, to the platform.
🚨 🚨 400,000,000 #DOGE (34,372,214 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/7fiXskuLF0
— Whale Alert (@whale_alert) February 15, 2024
Usually, a large transaction like this would have triggered selling pressure and a decline in Dogecoin’s price. However, the bullish market condition ensured that this did not happen.
At press time, DOGE changed hands at $0.085. From a technical point of view, an attempt to reach $0.090 was invalidated by a rejection at $0.087.
The coin does not plan to crash
If DOGE breaks above $0.087, then the price might hit $0.090 and probably surpass it. On the other hand, a close below $0.085 could send the meme coin crashing the chart.
AMBCrypto also looked at the volatility using the Bollinger Bands (BB). At press time, the bands were expanding, indicating significant price fluctuations.
High volatility combined with buying pressure could send the price higher, and DOGE might close in on $0.1 in the midterm.
If we were to go by the Awesome Oscillator (AO), Dogecoin’s upward momentum would continue increasing. If momentum stays bullish and momentum increases, the coin might retest $0.090 in the short term.
Per the On Balance Volume (OBV), the 4-hour DOGE/USD chart showed that the indicator reading increased. The OBV usually shows the intent of market players.
With the increase, it was obvious that most market participants seemed committed to pushing DOGE’s value northward.
Source: TradingView
Players are waiting on the sidelines
Like the price action, Dogecoin’s volume has been increasing. According to AMBCrypto’s analysis of Santiment, the volume had reached 777.78 million.
This increase suggested a surge in buying and selling. If the volume falls while DOGE’s price increases, the upward momentum might experience weakness.
In this instance, DOGE might drop from $0.085. However, if the price increases alongside the volume, the coin might rise between $0.090 to $0.05.
Meanwhile, we also checked out the sentiment around the cryptocurrency.
At press time, the Weighted Sentiment was in the negative region around -0.191. The metric measures the perception the market has about a project on social platforms.
This reading suggested that the broader market was not convinced that DOGE’s performance would improve.
Source: Santiment
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However, there is a chance that the sentiment might change anytime soon. Should Dogecoin close at $0.10, FOMO might set in and the state of the Weighted Sentiment might change.
But if the price drops from its press time value, the sentiment around it could stay gloomy.