Dogecoin price crash triggers major sell-off from whales
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The 400 million DOGE transfer is probably a sell-off. Crypto whales mostly dump coins on major trading platforms like Binance. While the DOGE price has already plummeted, this sell-off can trigger a further price drop.of Dogecoin can provide a clear picture of its overall price outlook. Per TradingView, the meme coin is trading below all of its moving averages. DOGE previously managed to hold well above its 200-day EMA and SMA.
However, it failed to sustain that level and went below these crucial moving averages. This is a concerning sign, as it tells us that the DOGE price may fail to trigger a rebound from here. Bears appear to be in control, and it is likely that this sentiment will prevail in the short term.. The RSI of Dogecoin is at 24.4, as of now. This means that the coin is in an oversold market condition. DOGE still has a chance to break out of this bearish phase.
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