Crypto trader and analyst Ali Martinez, also known as @ali_charts on the social networking site X, wrote a message on the platform honouring the original meme coin DOGE, which was among the first few currencies to be released on the market following Bitcoin.
Based on its coding, Dogecoin, which was designed as a spoof of Bitcoin, likewise mines Litecoin concurrently while using the proof-of-work consensus process.
According to Ali Martinez, DOGE is in a tough spot right now and might make a move in the right direction.
“Dogecoin is navigating in a tight zone”
Dogecoin is presently trading between two significant supply barriers on the chart, according to Ali’s tweet. A staggering 28.6 billion DOGE are stored in 200,000 wallets within the first support wall. 26.95 billion Dogecoin are stored in 124,000 wallets at the second resistant wall.
The expert claims that because the support wall is longer than the resistance wall, there may be a chance for an upward breakout of DOGE. The next price point, which the expert refers to as “a significant hurdle,” will be $0.084, and traders should keep an eye on it after DOGE achieves it. The meme currency will cross the $0.076 level first. Ali cited information from the on-chain analytics firm IntoTheBlock in his analytical analysis.
https://x.com/ali_charts/status/1722146833617592612?s=20
Whales buy 265.8 million DOGE on Robinhood
Amazing Dogecoin movements have been observed over the last three days between anonymous wallets and the well-known investment platform Robinhood, which permits trading and investing in both traditional stocks and cryptocurrencies, according to a number of X posts that the Whale Alert blockchain sleuth recently published.
Traders may store their Dogecoin in Robinhood’s cryptocurrency wallet and move it to other wallets from Robinhood if necessary.
Regarding the transfers, Whale Alert saw four significant transactions with a combined value of well over half a billion DOGE.
A total of 265.8 million Dogecoin was transferred from Robinhood in three transactions that happened on November 6 and 7. This might indicate that the owners of these wallets either bought these meme coins there or chose to take out some of the DOGE that had been stored there.
Additionally, on November 7, a large transfer of 250,000,000 DOGE was made to Robinhood, which suggests that a quarter of a billion of these well-known meme coins were sold.
https://x.com/whale_alert/status/1721685832921198845?s=20
Dogecoin is now trading at $0.0745 following a 2.6% decline over the previous day. Prior to that, DOGE had a 14.6% increase from November 3 to November 7, peaking locally at $0.0764 on the Binance platform.
