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Dogecoin Dips 10% As Robinhood Denies Being Mysterious Whale

Cointelegraph has reported that Robinhood is planning to introduce full cryptocurrency transfers on the platform. This will allow users to deposit and withdraw using cryptocurrencies. Robinhood has also put out a statement on its Twitter page, stating that it does not invest in cryptocurrencies and will not use cryptos of customers for its benefit. 

Robinhood may have been referring to some Tweets from Elon Must, Dogecoin Army and a few others which insinuated that the app’s owners were the mysterious whale entity that owned 28% of the total circulating supply of Dogecoin. Robinhood is also smarting from the scandal that brewed after the company suspended trading on several cryptos and GameStop stocks, in a move that critics said was done to protect the institutional traders on Wall Street.

Dogecoin is presently trading 10.72% lower after the Robinhood Tweet.

Technical Outlook for Dogecoin

Today’s drop has found support at the 50% Fibonacci retracement level from the swing low of 28 January to the swing high of 7 February 2021. This bounce at 0.04794082 looks shaky and the support remains at risk. A breakdown of this support brings in 0.03839788 into the picture, with 0.02481131 also serving as an additional target to the south. 

On the flip side, sustenance of the bounce challenges 0.05748376. If this resistance gives way, the pathway towards 0.06929113 clears up. An additional barrier exists at 0.08077060 before the existing record high comes into focus. 

Dogecoin Daily Chart