Dogecoin Under Pressure Amid Whale's Large Transactions

Dogecoin is under pressure. This happened when a large whale transaction with 466,890,148 DOGE (worth about $149 million) sparked speculation in the market. The transfer was made between unidentified wallets. This comes as the price of DOGE dropped 3.1% in the past 24 hours, trading at $0.3103. Analysts remain optimistic about the potential for economic recovery, but pessimism is currently dominating short-term prospects. Meaning of Whale Trade DOGE The transfer of 149 million dollars DOGE has sparked much debate about its significance for memecoin. On the positive side, such large actions can be attributed to institutional investors. When whales participate in the market, it shows signs of long-term investment in assets. Furthermore, if the money is placed to be bet on liquidity or distributed into wallets, this could be a more decentralized form of holding, bringing positive benefits to the Dogecoin community. But there are also pessimistic interpretations of this development. If the transfer of money is directed towards exchanges, it could be a sell signal. This could put downward pressure on the value of DOGE. On the other hand, when there is a transfer to a cold storage wallet, this may indicate a longer-term hold. It also indicates a decrease in circulating supply, meaning fewer transactions occur in the short term. Dogecoin Price Index and Current Performance The market capitalization of Dogecoin is $45.74 billion, down 2.40% in the past day. The trading volume is $2.1 billion, an increase of 45.43%. Please provide the text to be translated. In the short term, the trend is very pessimistic, with the first resistance level at $0.32. The first major support level is $0.308. Market sentiment, reflected through trading volume, is still weak due to uncertainty. This uncertainty stems from whale transfers. In the past 24 hours, over $8.14 million worth of liquidations have been recorded. This indicates that long positions traders are facing difficulties. Analysts Predict Long-term Recovery Potential Although there is a short-term downward trend, some experts may consider the future of Dogecoin to be quite positive. Over the past week, Analyst Ali Martinez has identified a developing channel pattern for DOGE, which has previously led to significant price increases. According to Martinez, the price of Dogecoin is currently in a retreat zone in this channel and may head towards the $1 level in the coming days. In the near future, Martinez believes that if the rising channel pattern is followed, DOGE could trade at $17.76. This would be a significant increase of 6,770% from the current value, considering the extraordinary rise that Dogecoin has witnessed in previous price hikes. DOGE has also achieved previous growth rates of 4,899% in 2017 and 12,197% in 2021, with similar trends. In addition, TATrader_Alan analyst has predicted a bright future for Dogecoin, stating that the memecoin has completed its "final check" and is ready to achieve another parabolic price increase. To achieve this goal, such predictions based on DOGE continue with the rising channel model and breaking through key resistance levels. Please provide the text to be translated. Important Support and Resistance Levels Technical analysis shows uncertain prospects for Dogecoin. Strong support is identified at $0.308, with resistance at $0.323. Breaking above $0.323 could trigger a recovery, potentially leading to a retest of $0.325 or higher. The Dogecoin price trend continues to decline with some attempts to return above the $0.320 level proving futile. If market conditions improve and sentiment expands, DOGE may surpass higher resistance levels and even begin a long-term uptrend. DYOR! #BtcNewHolder #Write&Earn $DOGE {spot}(DOGEUSDT)