Binance reopens Dogecoin withdrawals after Elon Musk called the situation “shady”

Key Takeaways:

• Crypto exchange Binance resumed Dogecoin withdrawals on Monday, after more than 2 weeks.
• Tesla CEO Elon Musk had called out Binance on the issue, stating it felt “shady.”
• Meanwhile, DOGE prices are in an uptrend but struggle to break above descending trendline resistance.

NEW DELHI (CoinChapter.com) — The world’s largest cryptocurrency exchange, Binance, reopened Dogecoin (DOGE) withdrawal facilities after more than two weeks.

Traders could not withdraw Dogecoin due to a technical glitch caused by the DOGE wallet upgrade, Binance said in a statement released on Monday. Binance stated that the glitch was the result of an “unfortunate coincidence.”

The crypto exchange also shared that it had completed the new wallet last week itself and did a silent test of the system on Nov 27. As a result, starting Monday, users can withdraw their Dogecoins without any hassle.

Meanwhile, DOGE painted its third consecutive green candle on the daily charts, jumping 16% in the three days before prices pared.

The crypto exchange noted that, along with denying DOGE withdrawals, Binance sent old transactions to 1,634 users due to a version conflict in the Doge wallet. Binance stated that a combination of unlikely factors resulted in the issue. The statement further said,

if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.

Excerpt from Binance’s statement

The world’s largest crypto agency then clarified that it had fulfilled all the parameters, and thus, the issue emerged. However, Binance also emphasized that neither DOGE nor Binance was at fault, and hence, heads would not roll on either side.

Also Read: Dogecoin next, says CEO as AMC introduces support for crypto payments.

In addition, Binance’s statement also took a dig at a recent spat between Binance CEO Changpeng Zhao and Tesla Chief Elon Musk. Finally, Binance’s statement clarified that the glitch was “not quite the shady circumstances that some had suggested.”

The Twitter Battle

In a tweet on Tuesday, Tesla’s top executive addressed Mr. Zhao, asking about the DOGE withdrawal issue. He further added that the situation sounded “shady.”

In response, the CEO of Binance, known on Twitter as CZ, explained it was an issue with the Dogecoin wallet upgrade. He then fired back at the Tesla CEO, referring to a news article about Tesla recalling more than 12,000 cars due to a software patch issue that made them unsafe.

Appreciate it.🙏 I over reacted a bit due to the word “shady”. The KYC part is tedious, and we can’t service US users. You could try https://t.co/hSHrrlWIfF though. Still a tedious sign up process, but have #Doge.🐕 We are working with their team to fix the issue ASAP. 🙏

— CZ 🔶 Binance (@cz_binance) November 23, 2021

The Twitter feud ended with the Binance CEO appreciating Mr. Musk, raising concerns about the Dogecoin community.

Dogecoin Price Charts

DOGE prices have been trading under a descending trendline resistance since Oct 28, which has repeatedly rejected any upside movement. Although DOGE did jump over the trendline today, market corrections quickly stepped in to pare prices.

At present, immediate resistance for the meme token is at $0.229, near DOGE’s 26-day EMA trendline. If the memecoin breaks above descending resistance, bulls would then target the $0.241 resistance level. Moreover, bullish tailwinds from breaking above the descending trendline could propel DOGE to challenge resistance at $0.250.

Dogecoin’s 50-day and 100-day MA trendlines form a resistance confluence at $0.250.

However, if the rally fails, DOGE would move down to immediate support at $0.202. If retail traders move in for profit-taking, the resulting sell-off could result in more downside movement, bringing support at $0.193 into play. Finally, a sustained sell-off could push prices to support at $0.183.

Also Read: Dogecoin looks poised to reach record high on persistent DOGE bull pennant breakout.

The $0.183 support level has supported DOGE since prices moved above it on July 21. Dogecoin has tested the support a few times, and each time rebounded from it.

Meanwhile,trend-based momentum oscillator MACD continues to be bearish for DOGE. However, bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-day and 26-day) is moving towards its signal line (9-day EMA of MACD).

Contracting histogram bars suggest the bearish momentum is getting weaker. In addition, the relative strength index trendline is neutral, clocking 40.85 on the daily charts. Finally, the RSI trendline is moving upwards towards overbought levels, but it would take some time before reaching a value above 70.

As such, DOGE has time to continue its uptrend.

At the time of writing, DOGE was trading at $0.2149, up 3.56% on the day.