Will Dogecoin feel the effect of this massive 990M transfer
DOGE wants to fall
On the 9th of January, a similar transaction took place. About one billion coins were moved from Binance to another wallet. Moments after that transaction, DOGE rose from $0.076 to $0.085. Between that time and press time, DOGE’s price had dropped and was changing hands at $0.082.
A breakout can’t be found
When combined, the increase in circulation and Open Interest suggests a possible DOGE decrease. The Accumulation/Distribution (A/D) indicator also supported this potential. Based on the 4-hour chart, the A/D had stalled at 27.14 billion.
This also confirmed the bias that DOGE would find it hard to breakout. But if bulls increase buying pressure, DOGE could breach the $0.083 resistance.
Once this happens, a move toward $0.09 could be next. However, that might not be the case in the short term. But if altcoins start to move upwards again, DOGE’s price might also increase.
