Dogecoin remains in consolidation, although posting losses just like the rest of the market. At the time of writing, DOGE was trading at $0.085, down 4.66% in the last 24 hours. According to DogeWhaleAlert, a Twitter account dedicated to DOGE transactions, Robinhood continues to hold Dogecoin on behalf of its clients. The Robinhood app currently holds a total of 41,051,656,733 Dogecoin, valued at $3,654,582,689, according to a recent Twitter update given by @DogeWhaleAlert. This is also a stunning 30.94% of the circulating supply of the leading meme cryptocurrency. The Dogecoin assets are held in two wallets, 3334959 and 1699275, with eight known digital addresses, according to the tweet.
Key Levels
Resistance Levels: $0.1450, $0.1205, $0.1000
Support Levels: $0.0709, $0.0654, $0.0500
DOGE/USD Daily ChartThe DOGE/USD is attempting to return to the recent support level of $0.0654 after the recent rebound to $0.0959. If a breakdown occurs, it might become a sell signal, with a target of $0.0709 and possibly as low as $0.0654 for near-term profit-taking. The DOGE/USD pair is likely to decline further over the upcoming session.
The Bears might eye the $0.0500 level as a possible objective. While the retracement from the local top at $0.0959 continues, there is insufficient data to confirm a positive trend reversal. That is, it could just be a reversal of the near-term consolidation. On the plus side, a bullish rebound over $0.0959 will re-establish buyer confidence.
DOGE/USD 4-Hour ChartOn the other hand, momentum indicators on the 4-hour time frame are currently pointing to a further sell-off in the short term. The DOGE/USD price is beneath the 4-hour moving averages 5 and 13, dipping while remaining in the negative zone as the RSI remains beneath the midpoint of 50.
If the market closes over the minor resistance level of $0.0911 in the next few sessions, it might stimulate buying interest and confirm further gains into the $0.1000 hurdles, potentially kicking off a new rally. The $0.1000 hurdles, which were highlighted as near-term resistance, might be the next target if there is a bigger rebound.
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