The withdrawal of $150 million worth of Dogecoin from exchanges revealed a decrease in supply on these platforms. This type of outflow can result in reduced selling pressure, which is often a good sign that holders are moving their assets off exchanges, perhaps for long-term storage.
This configuration can result in reduced volatility, with prices stabilizing before suddenly skyrocketing. The latest price chart shows that Dogecoin has shown strong momentum, rising to recent highs and then declining slightly. Despite the recent decline, DOGE has held its ground and is currently trading at around $0.192.
The $0.20 level represents immediate resistance for the asset; if it is broken, it can lead to additional profit. However, DOGE may retest the support levels around $0.15 and $0.12 if it fails to overcome this resistance. Apart from the remarkable volume of 27.7 billion DOGE, the transaction data also shows a significant number of large transactions in the last 24 hours, with a total of 4.15 thousand transactions.
Large transaction volumes of this magnitude often indicate institutional or “whale” activity that, depending on its objectives, can either stimulate or stabilize prices. With lower supply on exchanges and ongoing large transactions suggesting possible accumulation, the Dogecoin price outlook appears bullish overall. DOGE could gain momentum and break through the $0.20 resistance if it can hold at the $155 support level. On the other hand, a decline below $0.155 could indicate further consolidation.
