Dogecoin (DOGE) Blows Red Candle as Whales Offload Coins – Can It Survive this Bearish Trend?

These past weeks have been bullish for the entire crypto market, with BTC surpassing the $72,000 level. However, yesterday, the market encountered a robust bearish sentiment that caused significant losses for most coins, including Dogecoin (DOGE).

Dogecoin, the flagship meme coin, has lost over 14% of its value in the last 24 hours. One of the primary factors behind this decline was massive sell-offs by big DOGE holders.

According to reports, these deep-pocket investors offloaded 86 million Dogecoin to a centralized exchange, spreading negative sentiment within the community. But can Dogecoin survive this bearish trend? Read on to find out.

Dogecoin Whale Offloads Massive Holdings, Triggering Price Plunge

Prominent crypto tracker, WhaleAlert spotted the movement of a massive amount of DOGE coins. According to the report, an unnamed wallet offloaded 86 million DOGE, worth approximately $14.12 million, on Robinhood. It also moved another 10.5 million DOGE coins, worth over $1.7 million.

86,000,000 #DOGE (14,123,854 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/H8XouHMPv6

- Whale Alert (@whale_alert) March 15, 2024

After the transfer, the wallet now holds a little over 514,000 DOGE, worth around $84,000.This sudden sale shook up the Dogecoin market, dragging down its price. Big sales like this usually affect the market as it suppresses demand while increasing supply, leading to a decline in prices. Dogecoin trades at $0.1633, a nearly 7% 24-hour price decline.

Elon Musk Shows Support for Dogecoin - Will this Boost DOGE's Price?

Elon Musk, prominent for making viral tweets that upswings Dogecoin price, recently remarkedusing Dogecoin as a payment for Tesla cars at an event in Giga Berlin. He said,

We should make it happen... Dogecoin to the moon.

People can buy a few Tesla items with Dogecoin on the company's website. So, adding DOGE as a payment method for buying Tesla cars could add more utility to the coin. This could also increase its acceptance as a form of currency, thereby boosting its price.

In the event, Musk shared why he likes Dogecoin. He said people at Tesla and SpaceX asked him to support it. Also, he thinks Dogecoin is for everyone, not just big projects like Bitcoin. Moreover, Musk has been a big fan of Dogecoin for a while. People even call him the Dogefather.

According to sources, he owns Dogecoin, Bitcoin, and Ethereum. His tweets about Dogecoin cause stirs that drive up the meme coin's price.So, while investor sentiment seems down, Musk's statement could spike things up, boosting optimism in the Dogecoin community and driving DOGE's price up again.

Dogecoin's Price Consolidation: A Potential Rebound Amid Technical Bullishness

Today, the Dogecoin price shows a red candle following the solid bearish momentum. The coin has been playing around the $0.16 price mark, suggesting that bulls are holding firm, preventing further drops.

Dogecoin (DOGE) currently trades above the moving average line in the Bollinger Band indicator.

This area acts as a support level for the price, preventing further downside. If the market closes above this level today, it could signal a potential reversal of the bearish sentiment.

In addition, the Money Flow Index (MFI) sitting above 60 further reinforces the bullish control. This might imply that the bearish pressure could be short-lived.

Also, Dogecoin's price is still above the Simple Moving Averages, which is a good sign for its stability. The Relative Strength Index (RSI) is also above 50, which means the coin is in the buy zone. Again, it suggests that Dogecoin might recover soon and resume its rally.

Given these factors, investors might consider the current price dip as an opportunity to gather DOGE at a discounted rate. However, while Dogecoin has potential, especially with Elon Musk's support, there are no guarantees in the crypto market.

So, investors should do their research and consider all factors before investing. And for those not convinced with Dogecoin's potential, a new AI-based project, tagged Scotty, is gaining attention in the market.

Dogecoin Alternative: Ai Project Gather More Than $9 Million in Presale - Is it the Next 10X Gem?

Visit Scotty AI Presale

Last week was huge for Scotty the AI (SCOTTY), a new crypto in the crypto space, as it reached a new presale milestone.While the forerunner meme coins like Shiba Inu and Dogecoin claim a section of the crypto market, new and upcoming projects like $SCOTTY is gearing up to make their mark.

Further, Scotty isn't just another dog-themed coin like Dogecoin or Shiba Inu. It's different because it's based on a Scottish Terrier, and it's all about using AI to keep an eye on things and ensure safety and security in cryptocurrency.

Scotty's goal is to lead the way in making sure blockchain stays secure and safe for everyone involved.

The project managed to raise an amazing $9 million in funds. This shows how much people believe in the project. Also, it shows many investors are excited about Scotty and what it can do. So, if you're looking for the next big thing in cryptocurrency, keep an eye on Scotty the AI.

With its innovative approach and utility-centered features, Scotty is a viable candidate for the next crypto moonshot. Interested investors should rush to the presale website now, as there's only a few days before Scotty lists on exchanges.

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