A Dogecoin (DOGE) whale recently transferred 1.74 billion DOGE, valued at approximately $278 million, to the Robinhood exchange. Many of these whales are big keepers, and when one makes a big move, it becomes a cause for concern. In this case, a potential DOGE sell-off could push the price down. In the past, large transfers to the stock exchange were the prelude to increased selling pressure, leading to lower prices. The sheer volume of this transfer, however, is enough to send a meme to work, indicating that DOGE’s recent rally may be in jeopardy.
Dogecoin Price Analysis: Bearish Outlook with Potential Drop to $0.1550
Crypto analyst CryptoJobs presents a bearish outlook for Dogecoin and expects the token’s price to bottom at $0.1550. On the chart, the descending resistance line is visible, showing the steady downtrend of DOGE. This setup suggests that the bearish sentiment could still persist, reaching the target support at $0.1550.
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The chart reveals that Dogecoin failed to break above the resistance level on several occasions, suggesting weakening momentum. We had lower highs after each rejection near resistance, which shows that sellers are taking control of the price.
Shiba Inu (SHIB): The formation of a bull flag hints at major upside potential.
Shiba Inu (SHIB), often referred to as the “Dogecoin Killer,” has made significant progress. 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 investor interest and willingness in SHIB’s prospects. After extending the spirit of the Shiba Inu community, people have been proactive in expanding its ecosystem by launching platforms such as ShibaSwap and allowing subsequent metaverse projects for SHIB to gain utility and bring more visibility. Crypto analyst Clifton Fx has identified a bull flag formation on a 3-day time frame for Shiba Inu. This is important because bull flag patterns often precede strong rises. SHIB could expect a strong rally of 80-90% once it breaks out higher, allowing investors to cash out handsomely.
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Within this flag pattern, SHIB consolidated with a clearly descending resistance line. This setup provides an upside breakout, which can fuel strong buying pressure and trigger a long-lasting uptrend.
Rexas Finance attracts attention with promising growth prospects
The changing dynamics of the cryptocurrency market highlight the importance of diversification and staying informed of emerging projects. Although DOGE enjoys popularity and support from high-profile figures, the recent whale movement is 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 wide range of investors. Rexas Finance (RXS) is another emerging competitor in the crypto space with a powerful team and product. RXS price is currently below $0.10, attracting the attention of Shiba whales and investors. Experts say RXS has huge growth potential and some predict 3,000%.
The tokenization of real-world assets and its innovative approach to decentralized finance (DeFi) are two of the factors behind Rexas Finance growing popularity. Additionally, Rexas Finance is now listed on CoinMarketCap and CoinGecko, which reinforces its credibility in its growth journey. After the project successfully reached stage 4, it recently moved to stage 5 and its price is $0.07. RXS has already raised over $5.3 million during this pre-sale phase, demonstrating strong demand from investors to become early adopters of RXS and trust in the long-term potential of the project.
Conclusion
The substantial transfer of DOGE to Robinhood by a major holder is a development that deserves close attention. SHIB and RXS are attracting a lot of attention and investors should be active in their research and consider developments in the crypto market when determining where to invest.
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