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DOGE Price Analysis: Dogecoin Recoups Daily Losses; Whales’ Trading Volumes Spike as Profitability Remains

DOGE
  • Dogecoin rebounded from lows of $0.064
  • DOGE was trading at $0.0702, up 6.82% on the day
  • Dogecoin ranks among the top ten assets in trading volumes

Dogecoin rebounded from lows of $0.064 on June 29 to reach intraday highs of $0.0715. At the time of publication, DOGE was trading at $0.0702, up 6.82% on the day. In the past week, Tesla CEO Elon Musk reiterated support for Dogecoin, giving one reason why he supports the meme coin. In an interview at the Qatar Economic Forum in Doha, Musk told Bloomberg, “A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin. I’m responding to those people.” Elon Musk continues to be a staunch advocate of Dogecoin. According to WhaleStats, Dogecoin ranked among the top ten assets in trading volume in the last 24 hours. 52% of Dogecoin addresses are “in profit” on their investments at current prices, according to data from IntoTheBlock.

Key Levels
Resistance Levels: $0.0910, $0.0800, $0.0709
Support Levels: $0.0640, $0.0500, $0.0450

DOGE/USD Daily Chart: Bearish

DOGE/USD Daily Chart

Dogecoin is recovering from the recent downturn that began on April 26. Since the decline, the price has decreased from a high of $0.1667 to a low of $0.0491 as of June 18. With today’s low level of $0.0640 well ahead of the psychological low level of $0.0491, a base is already beginning to emerge.

Although the price has been bouncing in a recovery mode, it does not appear that it will soon overcome the $0.0800 resistance level. The key regions to monitor are shown on the daily chart. The next resistance is near the level at $0.0910 and above the MA 50, while the crucial low is below at $0.0491. A pause either way could give ample assurance.

DOGE/USD 4-Hour Chart: Ranging

DOGE/USD 4-Hour Chart

The 4-hour time frame for DOGE/USD doesn’t seem to be clear right now, but overall crypto market sentiment may change the trend in a heartbeat. Since mid-May, DOGE has been trading in a range; despite crashing to a $0.0491 low, more recently, a relatively powerful upward correction to the level of $0.0786 has developed.

The price has also retraced about the short-term moving average of 50 since hitting the retracement. This contraction might indicate that the recent negative action has less momentum, allowing for a higher rebound. If the sellers continue to drive Dogecoin down, they can anticipate support near the level of $0.0650. On the other hand, the bulls are breaking above and returning from $0.0709 indecisively.

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

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