Fill – Earlybirds Invest

Crypto exchange Bitget has transferred 40,000 ether (ETH), worth $105 million, to Bybit, offering crucial support to its industry counterpart in the wake of the over billion-dollar hack suffered by the exchange.

The funds transferred are from Bitget’s own reserves, not user deposits, which remain securely stored on the platform and can be cross checked through the proof of reserves, the exchange’s CEO, Gracy Chen, said in a note shared with CoinDesk, while assuring more support if needed.

“At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto,” Chen said.

A suspected North Korean entity drained approximately $1.4 billion in ether from Bybit on Friday. The hack prompted an unprecedented wave of withdrawal requests from users, with the exchange successfully processing 99% of them, effectively facing a significant market stress test.

Part of the stolen funds started to move during Asian afternoon hours on Saturday with over 5,000 ETH moved through eXch mixer – a service that masks wallet address – before being sent to bridge protocol ChainFlip where the stash was converted to bitcoin (BTC).

In an X post, ChainFlip said it couldn’t block fund movements as it was a fully decentralized applications that relies on automated smart contracts, but that it had “turned off some frontend services to stop the flow.”

On the other hand, Bitget has blacklisted wallets tied to the hacker that drained ether worth millions from Bybit on Friday.

“We will block any transactions flowing in from illicit addresses to the exchange once it has been monitored. Our team of security, and researchers, are currently tracking these activities,” Chen said.

Despite the hack, Bybit had managed to process over 350,000 withdrawal requests and has since restored normal withdrawal operations, per an X post.

Battle At The 200 EMA: Dogecoin Price Targets $0.32

In a recent Dogecoin analysis, a TradingView crypto analyst identified as ‘SwallowAcademy’ shared differing price projections for the DOGE price, highlighting a bullish $0.32 target and a bearish decline to $0.19. Sharing a video analysis of his prediction, the analyst revealed that the Dogecoin price action on the daily timeframe indicates a struggle between buyers and sellers around the 200 EMA.

Currently, Dogecoin is retesting at the 200 EMA at the $0.26 price level. This retest occurred after the meme coin slightly retouched a broken zone between $0.20 and $0.21. While the 200 EMA acts as a dynamic support level or resistance for DOGE, its current position appears to be holding the price back.

The TradingView expert also highlights the presence of a CME gap yet to be filled. A successful breach of the 200 EMA could trigger a surge in buying pressure, potentially propelling the the meme coin’s price to reach new targets and fill this gap.

On the daily and hourly time frames, the 200 EMA has aligned, which increases the likelihood of a possible breakout from the $0.26 level. If bulls can muster enough momentum to break this key support zone, the analyst projects a push to $0.327, marking a 21.1% increase in the DOGE price.

The TradingView analyst has indicated that traders should monitor the Dogecoin price before it reaches this target, suggesting a take profit zone on the daily time frame at $0.3.

DOGE Bearish Scenario: Drop To Lower Levels?

Adding more complexity to his Dogecoin price analysis, the TradingView expert has highlighted a potential bearish scenario for Dogecoin if it fails to break the 200 EMA. The recent downturn in the DOGE price has triggered massive selling pressure. As a result, the analyst suggests that if sellers regain dominance in the market and the meme coin fails to hold the support zone, then a drop to lower levels may occur.

He predicts that the Dogecoin price, currently trading at $0.25, would drop to $0.19, representing a 25% decrease. A decline to this level would be devastating to investors, as Dogecoin has already experienced multiple price crashes over the past few weeks. At the same time, it could also present a prime entry point for investors to buy low.

With the potential for both an upside and downside movement in the DOGE price, the TradingView analyst advises traders to watch the market carefully and remain cautious when creating their entry and exit strategies.

DOGE trading at $0.25 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com