Price: $0.42009 -7.0959%
Market Cap: 61.72B 1.8615%
Volume (24h): 11.6B 0.4%
Dominance: 1.8615%
Price: $0.42009 -7.0959%
Market Cap: 61.72B 1.8615%
Volume (24h): 11.6B 0.4%
Dominance: 1.8615% 1.8615%
  • Price: $0.42009 -7.0959%
  • Market Cap: 61.72B 1.8615%
  • Volume (24h): 11.6B 0.4%
  • Dominance: 1.8615% 1.8615%
  • Price: $0.42009 -7.0959%
Home > Information news > Dogecoin Faces Possible Price Drop

Dogecoin Faces Possible Price Drop

Release: 2024/08/23 20:47 Reading: 211

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/66c87ac9f45f3c559d83f422

Dogecoin Faces Possible Price Drop

Dogecoin Faces Potential Price Decline

Dogecoin (DOGE) has remained range-bound since August 8, encountering resistance at $0.11 and support at $0.09. Recently, the cryptocurrency attempted to break above resistance, experiencing a 4% price surge over a week. However, negative divergence between price and trading volume suggests a possible price pullback.

Resistance and Support Analysis

Dogecoin's movement within this horizontal channel reflects market uncertainty. Despite the price increase, trading volume has decreased by 37%, indicating a lack of sustained buying pressure. This divergence suggests a potential downward price adjustment.

Volume and Whale Activity

Typically, healthy upward trends are accompanied by rising trading volumes. However, the current decline in volume during a price increase signals weakening momentum, suggesting the rally is supported by a limited number of investors.

The lack of whale activity further supports the bearish outlook. Data shows a 100% decline in net whale flow, indicating major players have refrained from trading. This absence of significant activity may leave the cryptocurrency vulnerable to a price drop.

Key Points for Investors

  • Market uncertainty is reflected in the range-bound movement.
  • Diminishing trading volume despite price increases points to weakening momentum.
  • Absence of whale trading activity indicates potential downward risk.
  • Breaking above the channel resistance could lead to a price increase above $0.11, while failure to hold current levels may result in a drop to $0.09 or even $0.08.

Despite negative indicators, DOGE's price has shown tentative upward movement. While the DOGE/TRY pair is at 3.62 TL, the Parabolic Stop and Reverse (SAR) indicator has remained below the price level since August 10. A break above the channel resistance could potentially lift the price above $0.11, while a downward trend may bring it back to $0.09 support, possibly retreating further to $0.08.

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