DOGE Price Analysis: DOGE Trades at a Discount, 278 Million Dogecoin Transfer Fee Costs User Less Than $1

• Dogecoin is trading at a discount as several altcoins record significant losses
• DOGE was changing hands at $0.084, down 23.26% in the last 24 hours
• DogeWhaleAlert tracker has detected large DOGE chunks moved in the last few hours

Dogecoin is trading at a discount as several altcoins record significant losses. At the time of publication, DOGE was changing hands at $0.084, down 23.26% in the last 24 hours and 36.75%weekly. Dogecoin has also returned among the top ten cryptocurrencies by market capitalization. DogeWhaleAlert tracker has detected large DOGE chunks moved in the last few hours. The two biggest lumps of 139,261,848 and 188,419,761 DOGE worth $11,625,997 and $12,182,377 respectively were moved for a tiny fee of $0.063 and $0.36 each. These fees for such large amounts of funds easily beat any bank in the world. The first of the two transactions was performed from an unknown wallet to Robinhood. The second was transferred from multiple wallets to an unknown address.

Key Levels
Resistance Levels: $0.1400, $0.1200, $0.1000
Support Levels: $0.0709, $0.0500, $0.0281

DOGE/USD Daily Chart: Bearish
DOGE/USD Daily Chart

Beneath the daily moving averages, there are stops for bears on DOGE/USD move southward. Although, before key support zones, a continuation of the decline can find support around the $0.0709 horizontal zone reached during the session. Before heading further south, the $0.0500 support is a critical level for the pair.

A prospective recovery, on the other hand, may find the upside resistance zone at the daily moving average (MA 50), where the pair had consolidated between round price levels of $0.1400. DOGE is likely to stay around current levels, influenced by its next support of $0.0709 back to the last confluence area of $0.1300 and $0.1400.

DOGE/USD 4-Hour Chart: Bearish

DOGE/USD 4-Hour Chart

DOGE attempted a rebound on the 4-hour chart but was unable to maintain the bounce. A bearish candle with a long wick as seen on the lower time frame, indicates that sellers are still in charge of the trend. If the price falls further, it will finally breach $0.0709 and $0.0500 lows.

Buyers must push the price above to $0.1100 before there is any possibility of a recovery. The bulls may attempt to pierce the $0.1150 level and creep up to the moving average (MA 50) at $0.1200 round level in new attempt at recover. Overall the DOGE/USD short-term outlook remains negative.

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