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**312,375,048 DOGE Hits Major Crypto Exchange Coinbase, What’s Going On?**
In a surprising move, Dogecoin (DOGE) has seen a massive influx of liquidity onto the popular crypto exchange Coinbase. According to recent data, an astonishing 312,375,048 DOGE have been deposited on the platform.
This sudden surge in activity raises several questions about what is driving this interest. Is it a retail investor frenzy? Are institutional investors finally taking notice of the meme cryptocurrency?
Whatever the reason may be, one thing is certain: this unprecedented movement has significant implications for Dogecoin’s price action moving forward.
In recent days, Dogecoin has been facing bearish pressure due to its inability to break above key resistance levels. In fact, the RSI (Relative Strength Index) has entered the negative zone, indicating that sellers have taken control of the market. This could potentially lead to further declines in price, with potential targets at $0.15.
However, this sudden influx of liquidity on Coinbase may be a sign of a change in sentiment or a reversal of the bearish trend. Should Dogecoin’s price rise and break above the crucial $0.24 short-term barrier, it may be possible to see the cryptocurrency rebound and potentially reach the 50-day Simple Moving Average (SMA) at $0.31.
It is essential for investors to keep a close eye on this development and assess whether it will have any impact on Dogecoin’s near-term price action.
Will this massive influx of liquidity lead to a reversal in the cryptocurrency’s price trend, or will sellers continue to dominate? Only time will tell, but one thing is certain: the crypto community is eagerly anticipating the outcome.
Source: https://u.today/312375048-doge-hits-major-crypto-exchange-coinbase-whats-going-on
