Dogecoin Daily: Rally Fades Yet Again, Has The Apex Meme Coin Hit A Wall Of Resistance?

Dogecoin DOGE/USD traded 4.65% lower at $0.083 over 24 hours leading up to early Wednesday morning.

DOGE traded lower in tandem with other major coins as the global cryptocurrency market cap fell 1% to $1.14 trillion at press time.

See Also: Best USDC Interest Rates

The DOGE Factors 

• Dogecoin was among the most-mentioned coins on Twitter at press time, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and XRP. 
• DOGE was the top trending coin on CoinGecko and was also seen among top trenders at CoinMarketCap at press time. The meme coin was also seen trending among retail investors on Stocktwits.
• Dogecoin’s 24-hour trading volume shot up 15.2% to $1.5 billion at press time, according to CoinMarketCap.
• Coinglass data indicated that $5.7 million worth of DOGE was liquidated over 24 hours as the price of the meme coin slumped.
• Dogecoin’s relative strength index was at 65.62, according to TradingView. An asset with RSI above 70 is considered overbought territory.

Whale Activity Buoys DOGE, Shorts Get Liquidated

DOGE emerged as the top intraday gainer on Tuesday evening, outpacing the price movements of its larger cousins — Bitcoin and Ethereum.

Market intelligence platform Santiment said on Twitter that the amount of $100,000+ transactions happening daily indicate that the large transaction frequencies have increased on DOGE’s network.

Meanwhile, short DOGE traders were worse off than those holding long positions when the price was surging earlier. According to a prior report, over $3.1 million in short positions were liquidated over a 12-hour period as the meme coin traded between $0.075 and $0.088. In the same time frame, $855,000 worth of DOGE longs were liquidated.

The Wall At 10 Cents

DOGE saw selling at the nine-cent level on Tuesday as RSI hovered around the 70 mark, putting the coin in overbought territory, Benzinga’s Melanie Schaffer wrote. The cryptocurrency had resistance above at $0.099 mark and 10 cents levels and support below at $0.083 and at $0.075 marks, wrote Schaffer.

What Is DOGE

Dogecoin co-creator Billy Markus defined it as a “shared database and network to add verifiable transactions to that database to move around virtual coins.”

bluh typos bluh words

“just a shared database and network to add verifiable transactions to that database to move around virtual coins” is a slightly better description

— Shibetoshi Nakamoto (@BillyM2k) August 16, 2022

Markus said in a Twitter thread Tuesday that the rest is “just about how people have decided to use it and value it. crypto is simple. people are complicated.”

DOGE On The Web

Dogecoin Foundation artist “Dogememegirl” came out with a meme for the community that underscores the need for Shibes to protect their coins. 

#Dogechain has nothing to do with #Dogecoin! Their founder has lied about the Dogecoin collaboration. PLEASE STAY AWAY..!!! #Doge pic.twitter.com/wuZ8DHkS1d

— Dogememegirl  (@Dogememegirl) August 16, 2022

Read Next: New Federal Reserve Guidelines Could Let Traditional Banks Perform Crypto Functions