Dogecoin (DOGE) was posting gains of 2.55% to trade at $0.075 against the backdrop of the general crypto market’s declines. Bitcoin and other cryptocurrencies dipped following the revelation that Tesla sold 75% of its BTC holdings in Q2 2022. Early last year, Tesla invested $1.5 billion in bitcoin, banking on what the electric car maker called the digital currency’s “long-term potential.” Reports making the rounds suggest that Elon Musk hasn’t sold his Dogecoin holdings yet. The Tesla CEO has expressed his support for Dogecoin in recent times. According to the Dogecoin-focused Twitter account, Mishaboar, stock brokerage app Robinhood moved a huge amount of Dogecoin, reportedly 4.57 billion Dogecoin valued at nearly $321 million, from one of its addresses to a previously unknown address for reasons unknown, probably a reorganization of their cold storage wallets. The data tracking service, DogeWhaleAlert, also reports 17 Robinhood address-bound transfers, each of 175,000,000 DOGE valued at nearly $11.98 million.
Key Levels
Resistance Levels: $0.0900, $0.0800, $0.0700
Support Levels: $0.0600, $0.0500, $0.0400
DOGE/USD Daily ChartResistance levels are found at $0.0800 and $0.0900 and above this region. As the RSI seeks to bounce toward 75 points, it’s important to keep an eye on the shrinking gap between the moving averages. Alternately, a move lower might occur, with the $0.0623 level being tested and MA being removed, perhaps opening the door for a retest of the $0.0500 level.
DOGE/USD 4-Hour ChartOn the 4-Hour Chart, the DOGE/USD pair managed to break through at $0.0750, but the bulls were quickly rejected at $0.0771, the intraday high, and the price fell to $0.0677. Following the minor recovery, the RSI rose above the overbought levels. Moving averages are getting closer together and taking on a more horizontal bearing as the RSI attempts to move back towards its neutral 50-point range.
This supports a neutral tone in the dog-themed coin because buyers might enter the market again to test the $0.0800 resistance if the price can rise back above the $0.0700 horizontal level. If this time’s efforts are successful, a path could be opened towards the $0.0800-$0.0900 zone. A significant dip below could indicate that there will be additional losses.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
