DOGE Price Analysis: DOGE Takes a Beating From Bears, 23% of Dogecoin Supply Controlled by One Whale Address

• $9.94 million worth of Dogecoin liquidations occurred in the last 24 hours as the price fell to lows of $0.149
• In comparison to other large-cap tokens that recorded losses between 15% to 20%, Dogecoin has suffered a lesser setback
• According to Santiment analysts, one address holds 23% of all Dogecoin, and it is active

Dogecoin (DOGE), Elon Musk’s favorite dog-themed token wasn’t spared from the bearish activity that ravaged the entire cryptomarket. Earlier in the day, cryptocurrencies tanked amid widespread selling pressure. $9.94 million worth of Dogecoin liquidations occurred in the last 24 hours as the price fell to lows of $0.149. DOGE presently trades at $0.15, down 8.57% in the last 24 hours. In comparison to other large-cap tokens that recorded losses between 15% to 20%, Dogecoin has suffered lesser setbacks. According to Santiment analysts, one address holds 23% of all Dogecoin and it is active (sent 200 million DOGE one week ago) while Dogecoin profitability has dropped to 40% at the present price. The last time the overall profits of DOGE hodlers were that low was during the crash in March 2020, when only 29% of DOGE hodlers were in profit. If the data before March 2017 were excluded, there were only two times in DOGE history supply in profit was that low.

Key Levels
Resistance levels: $0.2148, $0.1960, $0.1800
Support Levels: $0.1370, $0.1255, $0.1000

DOGE/USD Daily Chart: Ranging

DOGE/USD Daily Chart

DOGE has fallen for the sixth straight day, been hit by a double-edged punch. It’s turning into an ugly week for the Dog themed token as DOGE/USD has fallen by 20.45%. This time last week, DOGE bulls were riding high, with the price trading near highs of $0.21 after Elon Musk tweeted…until the script flipped this week.

The momentum indicators are painting a negative near-term picture as the RSI is forcefully falling towards its 30 oversold levels. Should the $0.46 level give way, the bears may need to remove the $0.135 support to pick up steam towards the $0.125 key area.

DOGE/USD 4-Hour Chart: Ranging

DOGE/USD 4-Hour Chart

DOGE staged a dramatic decline after failing to close above the $0.21 high on Jan. 14. The sell-off has also pushed the price below the 4 hour moving averages of 50 and 200. Looking at the 4-hour RSI indicator, prices are peeking into oversold territory, so there is some potential for a short-term bounce around the $0.14 level.

Bears may seek to undermine bulls’ activity if the DOGE/USD pair remains below the moving averages. On the flip side, failure to close below $0.146 may generate upside pressures towards the $0.169 – $0.171 level, where the MA 200 and 50 are currently located. Higher, the price may attempt to pierce the $0.18 level and rise above the $0.20 range.

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