Is Dogecoin Price on the Brink of Crashing Below 30.85B DOGE Support?
The post Is Dogecoin Price on the Brink of Crashing Below 30.85B DOGE Support? appeared on BitcoinEthereumNews.com.
Dogecoin price weekly correction deepened by 16%, with bullish attempts repeatedly thwarted by a deteriorating market. This, coupled with a weak technical structure, increases the probability of the largest meme coin falling below the firm $0.1 support. The cryptocurrency market’s underperformance can be attributed to several factors: the unexpected market reaction to the Fed’s dovish stance, growing recession fears in the US fueled by stock market declines, and escalating geopolitical tensions. All Eyes On $0.1 As Dogecoin Price Seeks Support Dogecoin price faces significant selling pressure with massive liquidations in futures contracts. According to Coinglass data, $2.95 million was liquidated in longs, while $698k in shorts was wiped out. Dogecoin liquidation stats | Coinglass Should this imbalance continue, it would be difficult to keep DOGE above $0.1, which may clear the course for a further decline to $0.77. A recent look at the Dogecoin price forecast revealed that holding below three key 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) further disadvantages the bulls, increasing the risk of a longer correction. Dogecoin price chart | Tradingview An incoming buy signal from the Moving Average Convergence Divergence (MACD) will call on more traders to buy the dip. However, it would be wise to wait for a bullish candle above the two-month-long ascending trend line in the four-hour range, before triggering the buy order. Bullish traders will aim for $0.12, with a decisive break potentially leading to $0.14. More cautious traders might target $0.13 before confirming further upside. Meanwhile, as DOGE price holds steady above $0.1—a region likely to play an important role in its recovery, about 41,000 addresses purchased 30.85 billion DOGE between $0.1078 and $0.1094, representing growing demand behind the largest meme coin, IntoTheBlock data shows. Dogecoin IOMAP model | IntoTheBlock A potential influx of buyers could ignite a Dogecoin rally, propelling…
Filed under: News - @ August 4, 2024 2:20 am