Robinhood’s Move Ignites DOGE Rally
Dogecoin, the original memecoin, is currently flirting with a significant price milestone. Amidst the cryptocurrency market's fluctuations, a recent move involving Robinhood has sparked attention. On Monday, November 19, 2023, Dogecoin's value dipped to $0.087. Despite this, it maintained a stable position above this mark, with the Moving Average Convergence Divergence (MACD) hinting at a bullish trend reversal.
The evidence of this reversal became apparent through Dogecoin's 5.2% increase in value within a day. However, the coin encountered resistance at $0.093332. This resistance is critical, considering Dogecoin's ambition to surpass the $0.10 mark, a feat last achieved on November 11, 2023.
This surge in Dogecoin's value coincided with a notable transaction. A significant amount of Dogecoin, totaling 85,000,943 tokens, was transferred to the American cryptocurrency exchange Robinhood. This movement, involving a staggering $7.2 million in Dogecoin, was executed through five sequential on-chain transfers.
Whale Movements and Market Impact
In another major transaction, a crypto whale transferred 64.7 million Dogecoin to Coinbase, another leading American crypto exchange. Crypto analysts observe that such substantial movements by "crypto whales" often influence Dogecoin's market price temporarily. The $0.10 price point, often seen as elusive and critical, may trigger a more extended upward trend in Dogecoin's value.
An intriguing aspect of this scenario is the fundamental support area around $0.095. At this price, nearly 70% of Dogecoin holders are in a profit, which could reduce the pressure to sell. This is reflected in the daily Relative Strength Index (RSI), which stands just below 40.
Crypto analyst Olivier D highlighted a key range between $0.097 and $0.099. This range is seen as pivotal for Dogecoin's chances to break through the $0.10 barrier, a level it hasn't surpassed since Elon Musk's acquisition of Twitter in October 2022.
Dogecoin’s journey to surpass this barrier is not without challenges. It must first consistently exceed the resistance level at $0.095. This level is significant as it was instrumental in Dogecoin reaching a new yearly high of $0.101799 on December 11, 2023, which coincided with Dogecoin's 10th anniversary. As of now, Dogecoin is trading at $0.091235, according to Coinmarketcap.
While Dogecoin's recent movements and whale activities have brought excitement, it remains to be seen whether these developments will sustain a long-term upward trajectory for the cryptocurrency.