Dogecoin is witnessing a selloff after an impressive rise in late October. Dogecoin’s price doubled after Tesla tycoon, Elon Musk completed the $44 billion Twitter deal. It was trading near $0.07 on October 27 before Musk tweeted “the bird is freed” to announce the acquisition. It rose to $0.16 five days later. According to DogeWhaleAlert, over 399 transactions involving 4 million dogecoins or more occurred in the previous week. In all, 7,949,363,850 Dogecoin worth $1,075,685,131 was shifted by large wallets at an average spot price of $0.13. More surprising is the total amount paid in transfer fees—865 DOGE, or $114. Dogecoin has since lost some of its gains, and the dog-themed cryptocurrency might be on track to mark its sixth day of losses since November 1. The bulls got a little respite on November 4, but the rebound was short-lived. At the time of publication, DOGE was changing hands at $0.08, down 34% in the last 7 days, per CoinMarketCap data.
Key Levels
Resistance Levels: $0.1400, $0.0.1098, $0.0922
Support Levels: $0.0750, $0.0654, $0.0550
DOGE/USD Daily ChartDOGE/USD is on track for daily losses. It is currently trading at $0.0825, down 7 percent on the day. For the time being, the pair appears to be losing downside momentum. As risk flows dominate the markets, the overall crypto market continues to fall. If the price falls below $0.0750, a further downside is expected. The pair has been consolidating near the $0.0800 mark on the daily chart, indicating the development of several bottoms.
The pair is also in the same range as it was in mid-August. As a result, it is a critical stage for determining the pair’s price behavior. If the price moves consistently below the session’s low of $0.0782, market participants can see substantial selling opportunities. The first stop for the bears will be at $0.0750, moving average (MA 50 & MA 200) zone. It might pave the way for a further drop to the June 18 low of $0.0491.
DOGE/USD 4-Hour ChartDespite a significant decrease from its recent high of November 1 at $0.1589, the DOGE/USD is still trading above the psychological support level of $0.0750. However, the intraday tendency remains bearish. Another climb is probable as long as the 4-hour moving average (MA 50) at the $0.0830 level holds.
The DOGE/USD intraday bias is already to the downside at this time. The latest slide from $0.100 may result in a test of the $0.0750 low. A break of the $0.1000 resistance level, on the other hand, would indicate a short-term bottom. In anticipation of a greater bounce, the intraday bias will turn back to the upside.
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