Price: $0.38349 -7.9808%
Market Cap: 56.29B 1.9234%
Volume (24h): 18.98B 0.4%
Dominance: 1.9234%
Price: $0.38349 -7.9808%
Market Cap: 56.29B 1.9234%
Volume (24h): 18.98B 0.4%
Dominance: 1.9234% 1.9234%
  • Price: $0.38349 -7.9808%
  • Market Cap: 56.29B 1.9234%
  • Volume (24h): 18.98B 0.4%
  • Dominance: 1.9234% 1.9234%
  • Price: $0.38349 -7.9808%
Home > Information news > Dogecoin Faces Price Struggles

Dogecoin Faces Price Struggles

Release: 2024/08/22 04:10 Reading: 783

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/66c644c63fa54e1ea1011c03

Dogecoin Faces Price Struggles

Dogecoin Struggles to Sustain Price Momentum

Dogecoin experienced a notable 6% price surge on August 20, approaching the $0.11 mark. However, these gains quickly dissipated, and analysis suggests Dogecoin may face challenges in maintaining its price rally.

Realized Value and Liquidation Data

Data from Santiment indicates Dogecoin's one-day Realized Value has plummeted to a monthly low of $12.43 million, reflecting a low valuation of assets within the network. This decline is associated with capitulation, suggesting resistance for the price to rise above $0.10.

Additionally, liquidation data highlights potential challenges. This heatmap predicts price levels where substantial liquidations may occur, potentially triggering price drops.

Technical Analysis

Technical analysis, including the Relative Strength Index (RSI), shows Dogecoin's momentum as bearish. The RSI remains below the neutral 50.00 mark, indicating downward pressure. A sustained rise above this point is necessary for a bullish trend.

Fibonacci retracement levels provide insights into price movements. Dogecoin is currently near the $0.10 level, aligning with the 23.6% Fibonacci retracement. Without improved market conditions, it is unlikely to advance beyond this point.

Investor Implications

  • Bearish momentum is evident, with the RSI below 50.00.
  • Price levels may dip below $0.09 or even $0.08 if market conditions deteriorate.
  • A potential rally to $0.13 is possible if buying pressure increases and market sentiment improves.
  • Monitoring Realized Value and liquidation heatmaps is crucial for price predictions.

Conclusion

Dogecoin's price momentum is facing challenges, and without increased buying pressure, it may continue to struggle. Technical indicators and market conditions suggest resistance at the $0.10 level, with a risk of decline to $0.08 in a broader market downturn. Positive market sentiment, however, could pave the way for a rally towards the 61.8% Fib level at $0.13.

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