Dogecoin price fell on April 7 and was trading at $0.13 at the lowest point in the crypto market crash.

This move also contributed to selling pressure that was already prevalent in the market. Some analysts suggest that, based on the given signals, the price is headed up and might even reverse soon.

Key Insights:

* Dogecoin price fell to $0.13 at the lowest point in the crypto market crash.

* A whale moved 300 million DOGE to Binance again, causing more panic among the investors.

* This move also contributed to selling pressure that was already prevalent in the market.

* Some analysts suggest that, based on the given signals, the price is headed up and might even reverse soon.

Dogecoin price tumbled on April 7 as the crypto market continued to crash.

Major cryptocurrencies dropped sharply again, with Bitcoin falling below the crucial $40,000 level.

This move also comes amid reports of a large Dogecoin whale transferring a huge sum of tokens to Binance, adding to the selling pressure.

Dogecoin Whale Moves 300M DOGE to Binance

On-chain data recorded a large Dogecoin transaction of 300 million coins, valued at nearly $42 million, at press time.

Blockchain tracking service Whale Alert confirmed the transfer to Binance from wallet address DU8gPC5mh4KxWJARQRxoESFark2jAguBr5.

Whales usually prefer to move tokens to exchanges before liquidating them. Such actions often create selling pressure, which in turn drives prices lower.

As such, the massive transfer adds weight to bearish predictions already circling the market.

The timing of the transfer aligns with sharp market-wide declines.

Major cryptocurrencies, including Bitcoin and Ethereum, also dropped. This suggests that macroeconomic stress, combined with the whale dump, is accelerating the decline in DOGE price.

Dogecoin Price Drops to $0.13 Amid Market Turmoil

Following the whale transfer, Dogecoin’s price quickly crashed by over 15% in a day but has rebounded in the last 24 hours.

The meme coin dropped to $0.13, reflecting the intense pressure felt across the crypto sector. This marks the lowest level Dogecoin has reached in several weeks.

Global financial markets reacted to new tariffs introduced by former U.S. President Donald Trump. These economic tensions have impacted all risk assets, including cryptocurrencies.

As a result, traders have shifted to more conservative positions.

DOGE recent price action signals its vulnerability to external forces and internal token dynamics. The investors have been gearing up for higher fluctuations as new supply comes to the exchanges.

While $0.10 has continued to serve as psychological support, this level is no longer safe.

Key Analysts Weigh In on Dogecoin’s Outlook

More so, the picture painted by other analysts is different. Crypto analyst Berke Oktay pointed out that the DOGE price lost the critical $0.17 support level.

He warned that failure to recover this zone may trigger more downside pressure.

Meanwhile, another analyst, Trader Tardigrade, noted an interesting technical indicator. According to him, DOGE has now printed its second RSI bullish divergence.

This pattern often implies that the market is slowly leaning towards the side of the buyer.

If the upward trend remains steady, DOGE price could surge soon. However, for any recovery to begin, Dogecoin price must first rise above $0.13.

Consequently, the possibility of a further decline persists as long as investors remain skeptical.

RSI Divergence Offers Glimmer of Hope

However, Dogecoin’s price has seen falling prices, yet RSI levels are rising. This divergence can suggest that sellers are out of control.

According to Trader Tardigrade, these RSI signals typically appear before trend reversals. While DOGE has pulled back, such a technical setup can create short-term support.

For this to occur, DOGE price will need to remain above $0.13.

Still, the broader market outlook complicates the picture. Global financial risk continues to increase, and hence, investors change their expectations to avoid the worst across the globe.

Even with the positive factors like RSI divergence, DOGE price still lacks the buying momentum to break higher.

The $0.10 support level remains critical. If the level is broken, it may lead to panic selling pressure, leading to more losses. Currently, RSI divergence provides a minor signal for the continuation of reversal but needs the support of price action.

At the time of writing, Dogecoin price traded at $0.1496, having surged by 10% on the day while its volume surged by 75%. The price reached nearly $0.133 before rebounding but is still below the $0.1521 daily high.