Dogecoin Price Prediction
• Dogecoin (DOGE) has dropped back after an attempt to push back to the north of the $0.076 level earlier in the day.
• The US dollar and US yields have risen, weighing broadly on crypto prices. Dogecoin was last trading around $0.074, down 1%.
• Significant amounts of DOGE tokens were transferred from Binance to an unknown wallet, worth roughly $5 million.
Dogecoin (DOGE) is currently trading around $0.074, down around 1% on the session having found support at the weekend lows in the $0.072s. A spike in the US dollar and US yields combined with downside in US stocks due to hawkish remarks from Fed Chair Jerome Powell is weighing broadly on crypto prices, hence the intra-day pullback.
News of Dogecoin whales moving significant amounts of tokens off of Binance and into self-custody has failed to lift optimism in the Dogecoin market. According to blockchain monitoring Twitter account Whale Alert, 67,455,315 DOGE were transferred from the world’s largest exchange to an unknown wallet on Tuesday – worth roughly $5 million at current prices. Typically, investors moving significant sums of tokens off exchanges is seen as bullish for a cryptocurrency as it implies they have no plans to sell them on exchange; however significant exchange inflows are typically seen as bearish for a cryptocurrency as it could be a lead indicator of increased sell pressure.
Dogecoin bulls will be hoping that their cryptocurrency can continue to find support above its 200-Day Moving Average (at $0.0786) and support in form of late February’s low at $0.0782 – failure here could open door for fresh drop towards late 2022’s low at $0.066 area; however bullish breakout above resistance in upper-$0.07s will be difficult without further improvement in broader crypto market sentiment.
Alternatives To Consider
Investors looking for better shorter-term coins may want diversify holdings with some presale tokens – whilst presales are risky (as all crypto is), correctly timed investments can yield great rewards if picked correctly!