- The price of Dogecoin (DOGE) recently printed a 1.37% gain — taking its price up to $0.0732.
- This latest price increase saw the meme coin’s price flip the $0.07244 resistance level into support.
- Technical indicators on DOGE’s daily chart suggested that the altcoin’s price would drop in the next 24-48 hours.
Based on data released by the wallet tracker Whale Alert, anonymous wallets have been involved in transferring slightly over 200 million DOGE coins among themselves within the past 24 hours. The tracker identified four transactions, each carrying 50 million and 57 million DOGE, resulting in a total movement of 214.8 million Dogecoins.
Notably, one of the transfers involved moving 50,054,471 DOGE from an unknown wallet to the Binance exchange. The total value of these transferred Dogecoins is estimated to be around 15 million.
In addition to these transactions, Whale Alert also shared information regarding the declining amount of DOGE held by the popular trading platform Robinhood (NASDAQ:HOOD). While Robinhood had held approximately 24% of the circulating supply of DOGE on behalf of its customers for over a year, recent reports indicate that this percentage has dropped by 8%. Currently, Robinhood’s wallets account for 16% of the circulating supply of the original meme cryptocurrency.
The wallet tracker attributed this decline in DOGE supply held by Robinhood to significant outflows of DOGE from the platform. Recently, a combined total of 5,700,000,000 DOGE was withdrawn from Robinhood through several transfers and moved to anonymous addresses. These transfers involved chunks of approximately 680 million Dogecoins each.
Dogecoin (DOGE) Current Market Standing
Dogecoin (DOGE) is currently the 8th biggest project in terms of market cap, ranking it below Cardano (ADA) and above Polygon (MATIC). In the last 24 hours, DOGE’s price climbed 1.37% to trade at $0.07326. This 24-hour gain also boosted the meme coin’s market cap – taking the meme coin’s estimated market cap up to $10.228 billion at press time.
The recent price increase added to DOGE’s already-positive weekly performance. As a result, the altcoin’s price was up 1.83% over the last 7 days. DOGE did, however, weaken against the two market leaders Bitcoin (BTC) and Ethereum (ETH) during the past 24 hours. At press time, DOGE was down 1.29% against BTC and 1.64% against ETH.
The daily trading volume for DOGE was able to climb 4.71% over the last 24 hours. This elevated DOGE’s daily trading volume to $187,805,394.
Dogecoin (DOGE) Technical Overview
4-hour chart for DOGE/USDT (Source: TradingView)
DOGE’s price was able to flip the key resistance level at $0.07244 into support over the last 24 hours, and continued to trade above this price point at press time. Technical indicators suggested that the meme coin’s price would continue to rise in the next 24 hours, but also indicated that DOGE’s bullish momentum was simmering down.
At press time, the 9 EMA line on the 4-hour chart was positioned bullishly above the 20 EMA line. This signaled that DOGE’s price had entered into a short-term bullish cycle. However, the narrowing gap between the two EMA lines was an early indication that this bullish cycle could come to an end soon.
In addition to this, the RSI line was bullishly trading above the RSI SMA line. Furthermore, the line was sloped positively toward the overbought territory. However, the gap between the RSI and RSI SMA lines, similar to the one between the 9 EMA and 20 EMA lines, was narrowing. This was a potential sign that DOGE’s positive trend was losing strength.
Should DOGE’s price pull back in the next 24 hours, it will likely drop to the recently-flipped level at $0.07244. If it breaks below this level, then it will be at risk of dropping down to as low as $0.07014 in the following days.
On the other hand, DOGE’s price closing today’s trading session above the 9 EMA line at around $0.07297 will result in it climbing to $0.07510 in the next 24-48 hours. The meme coin’s price must not break below the 9 EMA line on the 4-hour chart for this bullish thesis to be validated.
Daily chart for DOGE/USDT (Source: TradingView)
Looking at DOGE’s daily chart shows that the altcoin’s price had rebounded from the major support level at $0.06806 on Thursday last week. Since then, it had successfully broken above the 9-day and 20-day EMA lines.
If DOGE’s price closes today’s trading session above the 20-day EMA level, then it could have enough support to overcome the next key resistance level at $0.07539, and flip the level into support in the next 24-48 hours. This will then clear a path for the meme coin’s price to rise to $0.08108 in the next few days.
On the other hand, a close below the 20-day EMA line will result in DOGE’s price retesting the aforementioned support level at $0.06806. A break below this level could result in DOGE’s price dropping to as low as $0.05845 in the coming week.
Technical indicators supported the bearish thesis at press time, as the 20-day EMA line was trading above the shorter 9-day EMA line. Furthermore, the daily RSI line was negatively sloped toward the oversold territory. These technical flags suggested that DOGE’s price would drop in the next 24-48 hours.
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