Earlier today, Lookonchain (@lookonchain) reported via Twitter that a fresh Dogecoin (DOGE) wallet had received a staggering 172.2 million DOGE from Binance. The transfer, valued at $14.33 million at the time, has certainly caught the crypto community’s attention.
According to the post, it has been reported that a whale purchased DOGE, allegedly influenced by Elon Musk’s recent Twitter logo change.
According to CoinMarketCap, the meme coin’s value has decreased by 1.97% in the past 24 hours. This has contributed to DOGE’s unfavorable weekly price trend, resulting in a total weekly loss of 2.95%. Consequently, DOGE is currently being traded at $0.08215.
The DOGE cryptocurrency experienced a decline against the U.S. Dollar but also against the two prominent players in the crypto market, Bitcoin (BTC) and Ethereum (ETH), with a decrease of 1.58% and 0.60%, respectively.
The value of DOGE has experienced a significant downturn within the past two days, causing it to fall below the 9 EMA line on the 4-hour chart on Wednesday evening. Subsequently, the altcoin’s price plummeted below the support level at $0.09310 and the 20 EMA line on the 4-hour chart.
Despite DOGE’s attempt to rebound above the 9 and 20 EMA lines on its 4-hour chart on Thursday evening, the altcoin’s price failed. Consequently, DOGE’s price continued to plummet in the following days. This persistent decline ultimately pushed the meme coin’s price below the critical support level of $0.08526.
As of the latest update, the value of DOGE is currently situated beneath the 9 and 20 EMA lines on the 4-hour chart. It is currently positioned on the crucial support level, hovering around $0.08031.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
