Is Dogecoin Price on the Brink of Crashing Below 30.85B DOGE Support?
Release: 2024/08/03 19:44 Reading: 734
Dogecoin Price Eyes Critical $0.1 Support Amidst Market Volatility
Dogecoin's weekly correction has intensified by 16%, with bullish momentum repeatedly hindered by a weakening market. This, combined with unfavorable technical indicators, heightens the likelihood of Dogecoin falling beneath its crucial $0.1 support level.
The cryptocurrency market's consistent underperformance stems from various factors, including the market's negative reaction to the Fed's dovish stance, escalating recession concerns in the US triggered by stock market declines, and heightened geopolitical tensions.
Eyes on $0.1 as Dogecoin Seeks Respite
Dogecoin faces substantial selling pressure, with significant liquidations observed in futures contracts. Coinglass data reveals $2.95 million liquidated in longs against $698k in shorts.
If this imbalance persists, maintaining Dogecoin above $0.1 will prove challenging, potentially paving the way for a further decline to $0.77.
A recent Dogecoin price analysis indicates that the inability to surpass three key 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) further weakens the bullish outlook, increasing the risk of a sustained correction.
Technical Analysis
An upcoming buy signal from the Moving Average Convergence Divergence (MACD) could encourage traders to capitalize on buying opportunities. However, it is advisable to await a bullish candle rising above the two-month ascending trend line in the four-hour timeframe before initiating any buy orders.
Bullish traders may target $0.12 as an immediate resistance level, with a decisive breakout potentially leading to $0.14. More cautious traders might opt for $0.13 before confirming further upside momentum.
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