A Dogecoin (DOGE) whale recently transferred 1.74 billion DOGE, valued at approximately $278 million, to the Robinhood exchange. Many of these whales are major holders, and when one of them makes a move substantially, it becomes a matter of concern. In this case, a potential sell-off in DOGE could take the price down. In the past, large transfers to the exchange have been a prelude to more selling pressure, declining the price. The sheer volume of this transfer is enough to send a meme to work though, indicating that DOGE’s recent rally could be at risk.
Dogecoin Price Analysis: Bearish Outlook with Potential Drop to $0.1550
Crypto analyst CryptoJobs presents a bearish outlook for Dogecoin and expects the token price to bottom out at $0.1550. On the chart, the descending resistance line can be seen, showing DOGE’s consistent downward trend. This setup suggests that the bearish sentiment might still continue, hitting target support at $0.1550.
Source: X
The chart reveals that Dogecoin has failed to break past the resistance level multiple times, suggesting a weakened momentum. We had lower highs after each rejection near the resistance, showing sellers are gaining control over the price.
Shiba Inu (SHIB): Bullish Flag Formation Hints at Major Upside Potential.
Shiba Inu (SHIB), often dubbed the “Dogecoin killer,” has been making significant strides. Since the beginning of this month, SHIB has seen a 1% rise and is currently trading at $0.00001724 with a 44% increase in its trading volume. The growth shows increasing interest and willingness by investors in SHIB’s prospects. Having prolonged the spirit of the Shiba Inu community, people have been proactive in expanding its ecosystem by launching platforms such as ShibaSwap and enabling subsequent ventures of the metaverse for SHIB to gain utility and bring more exposure. Crypto analyst Clifton Fx has identified a bullish flag formation on the 3-day timeframe for Shiba Inu. This is significant because bullish flag patterns often precede strong upticks. SHIB could be looking towards a big 80- 90% rally once it breaks out on the upside, making investors cash in handsomely.
Source: X
Within this flag pattern, SHIB has been consolidating with a clear descending resistance line. This pattern provides an upside breakout, which can fuel a lot of buying pressure and kick off a long-lasting bullish trend.
Rexas Finance Attracts Attention with Promising Growth Prospects
The shifting dynamics in the cryptocurrency market underscore the importance of diversification and staying informed about emerging projects. While DOGE has enjoyed popularity and support from high-profile endorsements, the recent whale movement serves as a reminder of the volatility inherent in the crypto market. On the other hand, SHIB and RXS are gaining momentum, offering unique value propositions that appeal to a broad range of investors. Rexas Finance (RXS) is another contender emerging from the crypto space, and equipped with a powerful team and their product. RXS is currently priced at below $0.10, attracting attention from Shiba whales and investors. Experts say RXS has enormous growth potential and some are projecting 3,000%.
Real-world asset tokenization and its innovative approach to decentralized finance (DeFi) are two of the factors that explain Rexas Finance rising popularity. In addition, Rexas Finance is now listed on CoinMarketCap and CoinGecko, which strengthens its credibility in its growth journey. After the project reached stage 4 successfully, it recently went to stage 5, and its price is $0.07. RXS has already raised more than $5.3 million during this presale phase, which attests to the high demand of investors to become early RXS adopters and trust the project’s long-term potential.
Conclusion
The substantial transfer of DOGE to Robinhood by a major holder is a development that warrants close attention. SHIB and RXS are gaining significant attention and investors have to be active in their research and weigh the changing panorama of the crypto market when determining where to invest.
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