Key Highlights
- DOGE’s price dropped 6.88% reaching $0.22 from $0.24 with heavy selling.
- A pivotal resistance level was identified at $0.238, amid substantial selling.
- Market dynamics, such as regulatory concerns and trade tensions, influenced this downturn.
Technical Analysis Summary
DOGE’s market action shows it slipping by 6.88% in a 24-hour window ending August 12, as the sell-side strength escalates. The peak selling pressure occurred at 07:00 on August 11, resulting in a price retreat from $0.238 to $0.233 on a volume of 485.69 million, which was considerably above the daily average of 371.45 million.
Key Indicators:
- Resistance at $0.238 confirmed by significant selloffs.
- Support recorded at $0.226, with sustained buy-side liquidity showing 793.38 million.
- DOGE traded narrowly between $0.2247 and $0.2253 during the final trading hour, indicating potential seller fatigue.
Chart
Market Overview
This downturn is reflective of broader issues within the digital asset market, compounded by global economic pressures and uncertainty surrounding regulations. Major economies are intensifying tariff disputes, adding strain to global supply chains, while central banks are hinting at shifts in policy, promoting risk aversion across cryptocurrency holdings.
Closing Thoughts
Traders are keenly observing potential retests of $0.22 for renewed buying activity and any breakout attempts above $0.231 as the market seeks recovery.
