Dogecoin Price Analysis: Can DOGE Stabilize Around $0.08?
Release: 2024/08/06 00:39 Reading: 287
Dogecoin Price Plunges, Led by Meme Coin Spiral
Cryptocurrency prices plummeted in tandem with the US stock market due to concerns of an economic downturn following unfavorable economic data. Dogecoin (DOGE) led the decline among meme coins, tumbling below $0.09 before finding support at $0.08.
Recession Fears Fuel Sell-Off
Last week, the Federal Reserve maintained interest rates, while job growth and manufacturing activity fell short of expectations, raising recession fears. Carry trades between Japanese and US bond markets further aggravated the situation, triggering a massive sell-off.
DOGE Suffers Steep Losses
Dogecoin's weekly losses reached 31%, with a 30-day loss of 15%. The surge in exchange inflows contributed to the sell-off, as investors moved their holdings to exchanges to sell.
Exchange Inflows Limit Recovery
According to IntoTheBlock, over 188.2 million DOGE was deposited on exchanges in August. As exchange flows influence crypto prices, increased inflows could hinder Dogecoin's recovery and prolong the downtrend to $0.06.
Resistance at $0.1
The IOMAP model shows that only 39.8% of DOGE supply is in profit, while 58.3% is in loss. A potential recovery from $0.08 exists, but resistance around $0.1 remains strong due to significant buying activity in that range.
RSI Oversold, Bulls Disadvantaged
The Relative Strength Index (RSI) fell into the oversold territory for the first time since July. Dogecoin's position below key moving averages disadvantages bulls, increasing the likelihood of a drop to $0.06 if $0.08 support fails.
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