Dogecoin Price Faces Risk of $0.20 Decline as $59M Whale Transfer Sparks Bearish Concerns

Dogecoin is at risk of further losses as a whale moved $59 million worth of DOGE to Binance. Analysts highlight $0.20 as a critical support level, citing market corrections and external economic factors as potential triggers.

Whale Transfers $59 Million Worth of Dogecoin

A whale just transferred $59 million worth of Dogecoin, putting the price at additional risk of falling. According to Whale Alert's records, this investor transferred 200,000,000 DOGE to the Binance platform.

Any time an investor makes a "Whale" move, it's a red flag that they're trying to unload their coins, which means the price of the cryptocurrency is likely to fall. The leading meme coin could see further price drops as a result of this sale's potential selling pressure.

Dogecoin Price at Risk of Dropping to $0.20

The DOGE price has crashed, according to CoinGape, and it could go as low as $0.20—a key support level for the meme coin.

If the Dogecoin price were to fall to this level, crypto expert Kevin Capital expressed concern in an X post. If DOGE drops $0.26 by the end of the week, he said he will start to get worried. Nevertheless, he now views this price drop as a typical market correction.

Analysts Predict a Possible Bullish Turnaround in 2025

The analyst further pointed out that the charts have been hinting at the impending downturn for weeks. But he hinted that the impending US government shutdown and the Fed's aggressive stance are making this price drop even more severe than anticipated.

According to analysts, the bull run in Dogecoin's price is far from done, therefore a bullish turnaround is still possible. This optimistic reversal could occur in January 2025, according to crypto analyst Master Kenobi.

Historical Trends Suggest a Potential Recovery

When a comparable crypto market crisis happened in December 2020, the expert made a passing reference to the bull run in 2021. The analyst pointed out that DOGE's price fell by 55% and that Bitcoin's price fell by 30%.

Nevertheless, in January 2021, despite the fear, these coins saw a bullish reversal and rocketed to new heights. This set the stage for Dogecoin to reach its all-time high price of $0.73 in May of 2021.

Can Dogecoin Repeat Its Historic Bull Run?

Therefore, Dogecoin may be able to bounce back to new highs by January if past trends continue. Kevin had previously also forecasted that the leading meme coin might retrace to a range of $0.26 to $0.28 before reloading and reclaiming its present all-time high.