Dogecoin (DOGE) is under pressure after a major whale transfer sent nearly $200 million worth of tokens to Binance, raising concerns about further downside risks.
The DOGE/USDT pair has been struggling to hold momentum after failing to break above the $0.0035 resistance zone earlier this month. Following the whale transaction, the price slipped back into the green demand zone near $0.0026–$0.0024, where buyers are attempting to stabilize the market.
The chart highlights a critical support zone at $0.0024–$0.0026, which has prevented deeper losses on multiple occasions. If DOGE closes below this level, analysts warn that the market could revisit the April lows near $0.0020.
On the upside, immediate resistance lies at $0.0029–$0.0030, followed by the stronger supply wall around $0.0035–$0.0039. Without a decisive breakout above these levels, the broader trend is likely to remain bearish.
“Whale activity often dictates short-term sentiment, and this $200M transfer has added caution among retail traders. For bulls, holding $0.0024 is crucial. Losing that floor could accelerate selling pressure,” BITX market analyst explained.
Despite the heavy transfer, some traders remain optimistic that accumulation at lower levels could provide a base for recovery. Technical strategists point to the consolidation within the green zone as evidence of buying interest.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.