Dogecoin [DOGE] is back in the spotlight after breaking past a crucial local resistance level, reigniting hopes of a strong rally. The memecoin surged by more than 6.5% in the past 24 hours, trading around $0.195 at press time. However, just as bullish momentum gathered pace, a major whale transaction has injected fresh uncertainty into the market.
According to Whale Alert, a staggering 155 million DOGE—worth millions of dollars—was transferred to Robinhood by an unidentified wallet. While the move has not been confirmed as a sell-off, such large-scale transfers to centralized exchanges often raise red flags. Historically, these actions have preceded profit-taking events and weakened bullish sentiment, especially if retail demand doesn’t counterbalance the pressure.
Despite the whale activity, on-chain and derivatives data paint a more optimistic picture. Per CoinGlass, DOGE has seen stronger long positions than short ones, with $22.64 million in Long Liquidation Leverage versus $18.85 million in short positions. Most of this leverage is centered between $0.1876 and $0.1984, suggesting a potential short squeeze if the price climbs higher.
Additionally, exchanges recorded a net outflow of $6.32 million in DOGE within the last 24 hours—often seen as a sign of accumulation. Combined with a 65% spike in trading volume, the data indicates increasing retail interest and possible preparation for a continued upward move.
Technical analysis from AMBCrypto shows that DOGE recently broke a descending trendline and rallied by 5%, touching the $0.196 resistance level. A decisive daily close above $0.1985 could clear the path for a move toward $0.25—a potential 25% surge.
While whale behavior warrants caution, the broader data suggests the bulls are still in control. If Dogecoin manages to sustain its breakout, the memecoin could be setting the stage for a significant rally in the coming days. Investors and traders are now watching closely for confirmation—and whether DOGE can finally reclaim the $0.25 mark.
Also Read: Dogecoin Whales Accumulate 200M DOGE: Is a Major Price Rally Ahead?
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
