• Dogecoin (DOGE) price has declined after an attempt to go above the $0.076 level earlier in the day.
• Whales are moving significant amounts of tokens off of Binance and into self-custody.
• A break back to the north of resistance in the upper $0.07s will be difficult without a big improvement in broader crypto market sentiment.
Dogecoin Price Drop
Dogecoin (DOGE), the cryptocurrency that powers the Dogecoin blockchain, has dropped back after an attempt to push back to the north of the $0.076 level earlier in the day. A spike in US dollar and US yields combined with downside in US stocks due to hawkish comments from Fed Chair Jerome Powell is affecting crypto prices, hence leading to intra-day pullback for Dogecoin which was last changing hands around $0.074, down around 1.0% on the session, having found support at weekend lows in $0.072s .
Whale Alert
News of Dogecoin whales moving significant amounts of tokens off of Binance and into self-custody has failed to lift optimism in Dogecoin market as per blockchain monitoring Twitter account Whale Alert, 67,455,315 DOGE were transferred from world’s largest exchange to unknown wallet on Tuesday which is worth roughly $5 million at current prices. Generally investors moving significant sums off exchanges is seen as bullish while inflow is typically seen as bearish for a cryptocurrency which could indicate increased sell pressure .
Price Prediction
Dogecoin bulls will be hoping cryptocurrency can continue finding support northwards from $0.072 support area otherwise break below it can open door for fresh drop towards late 2022 lows near $0.066 area . Break below 200 Day Moving Average (at 0$.786) and late February lows near 0$.782 also indicates poor near term outlook for cryptocurrency .
Alternative Coins
Given patchy near term outlook for doge coin , investors looking for better short terms coins may want to consider Bitcoin Cash(BCH), LiteCoin(LTC) or Ethereum Classic (ETC). BCH & LTC have already gained significantly over past few weeks backed by improved sentiment & demand while ETC has been rising steadily against USD since mid February 2021 supported by institutional investments & active DeFi projects built upon its network .
Conclusion
Dogecoins near-term outlook remains uncertain with possibility of further losses , however alternative coins like Bitcoin Cash , LiteCoin & Ethereum Classic offer promising opportunities backed by improved sentiment & demand or institutional investments respectively .