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A substantial $150 million withdrawal of Dogecoin from exchanges revealed a decreased supply on these platforms. A decrease in sell pressure may result from this type of outflow, which is frequently a good indication that holders are removing their assets from exchanges, possibly for long-term storage. 

This configuration may result in a volatility squeeze, in which prices stabilize before suddenly spiking. The most recent price chart indicates that Dogecoin has demonstrated strong momentum, rising to recent highs and then slightly declining. Despite the recent decline, DOGE is holding onto its gains, currently trading at about $0.192.

The $0.20 level presents the asset with immediate resistance; if it is broken, this could lead to additional gains. However, DOGE might retest support levels around $0.15 and $0.12 if it is unable to overcome this resistance. Along with a noteworthy volume of 27.7 billion DOGE, the transaction data also reveals a considerable number of large transactions over the last 24 hours, totaling 4.15K transactions. 

Large transaction volumes of this magnitude frequently indicate institutional or whale activity which, depending on their goals, can either drive or stabilize prices. Given the decreased supply on exchanges and the ongoing large transactions suggesting possible accumulation, Dogecoin's price outlook seems bullish overall. DOGE may gain momentum to overcome the resistance at $0.20 if it can hold at its support level of $155. On the other hand, a decline below $0.155 might indicate more consolidation.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.