Dogecoin Consolidates Within a Horizontal Channel Since August 8
Release: 2024/08/23 19:54 Reading: 758
Dogecoin Consolidates Within a Horizontal Channel
Since August 8, Dogecoin (DOGE) has been consolidating within a horizontal channel. In recent days, it approached the resistance level and attempted to break through. However, a negative divergence between price and trading volume emerged, potentially hindering the breakout.
Dogecoin Analysis
The asset's movement within a horizontal channel indicates uncertainty in market sentiment. Since August 8, DOGE has faced resistance at $0.11 and support at $0.09. The recent price increase towards the resistance line represented a 4% gain over seven days.
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Despite the price increase, daily trading volume declined by 37%. This negative divergence between price and volume suggests a lack of momentum for a rally, potentially leading to a price drop. In a healthy uptrend, volume typically increases with price gains, indicating increased participation. The decrease in volume here suggests weakening buying pressure.
Whale Activity
The absence of whale activity in the market raises concerns about a potential downward trend. Data from IntoTheBlock shows a 100% drop in net whale flows, indicating their inactivity over the past week.
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Future of DOGE
Despite the negative divergence and decreased whale activity, DOGE has continued to rise. The DOGE/TRY pair is currently at 3.62 TL.
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In terms of technical analysis, DOGE has traded horizontally in recent weeks. The Parabolic Stop and Reverse (SAR) indicator points have remained below the price level since August 10. A potential breakout above the upper line of the horizontal channel could push the price above $0.11. Conversely, a downward movement could see support at $0.09 and potentially a retreat to $0.08.
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