1. Whale Moves $60 Million in DOGE to Coinbase
On June 1, according to crypto media outlet CoinGape, a total of 312,375,048 DOGE (worth approximately $60 million) was moved in three equal transactions from anonymous wallets to Coinbase. The Whale Alert platform tracked these movements, sparking concerns that a major holder (whale) may be preparing to sell.
These types of large exchange inflows are often seen as pre-sell signals, suggesting the potential for downward price pressure.
2. DOGE Price Drops Amid Whale Activity
Shortly after the transfers, the Dogecoin price dropped by 3.43%, reaching a daily low of $0.1939. This decline followed a temporary rally to $0.2001, reinforcing the idea that selling pressure from whales may be impacting the price action.
Additionally, trading volume plummeted by 26.15% within 24 hours, signaling a sharp drop in market participation and increased caution among traders.
3. DOGE Tests the $0.19 Support Level
DOGE is currently hovering around the critical $0.19 support zone. If this level fails to hold, analysts warn of a potential further drop. Conversely, if the support level remains intact, the price may rebound, offering short-term upside potential.
This $0.19 level is now being closely watched by both bulls and bears as a deciding point for DOGE’s next move.
4. Technical Indicators Show Bearish Momentum
- MACD (Moving Average Convergence Divergence) remains in negative territory, indicating ongoing bearish momentum.
- RSI (Relative Strength Index) is currently at 32.97, approaching the oversold zone (30), which could suggest a possible reversal if selling pressure slows.
- ADX (Average Directional Index) stands at 43.14, confirming the presence of a strong and well-established trend.
When ADX is above 25, the trend is typically considered strong. The current value suggests that DOGE is in a clearly defined downtrend — though reversal potential still exists if buying volume returns.
5. What’s Next for Dogecoin?
Dogecoin finds itself at a critical technical juncture. If whale activity continues and support at $0.19 breaks, DOGE may trend lower toward $0.18 or below. However, technical exhaustion and RSI nearing oversold conditions could attract bargain hunters and trigger a short-term bounce.
Investors and traders are advised to monitor volume levels, on-chain whale behavior, and support/resistance zones closely in the coming days.