What to Know:

• Dogecoin’s price fell below critical support levels due to late-session selling and global trade tensions.
• Whale wallets have aggressively accumulated nearly 100 billion DOGE, despite setbacks in price movement.
• The Dogecoin network faces potential security risks, including a 51% attack from Qubic’s community.

Market Overview

Dogecoin has dipped below essential support levels as late-session selling erased prior gains, compounded by global trade tensions and emerging security concerns.

News Insights

• Whale wallets have contributed 680 million DOGE in August, pushing total holdings to 98.56 billion – a peak not seen in months.
• Qubic’s community has voted to potentially target the Dogecoin network for a 51% attack, following a recent successful assault on Monero.
• Heightening global trade disputes and tariff announcements have instilled a risk-averse atmosphere across cryptocurrency markets.

Price Action Summary

• From August 17 to 18, DOGE experienced a 6% decline from $0.24 to $0.23.
• The token showcased significant volatility, swinging within a $0.02 range.
• In the last hour of trading, DOGE fell by 2%, dropping below $0.23 on substantial volume.

Technical Analysis

• A strong resistance level at $0.24 has hindered DOGE’s upward movement, prompting selling pressure.
• Support at $0.23 failed, signaling reduced interest from buyers.
• The golden cross formation (50-day above 200-day) remains, but upside confirmation has yet to materialize.

Monitor These Developments

• Will whales continue accumulating amidst security worries?
• Watch for confirmations of new lower targets should $0.23 fail to hold.
• Adjustments in derivatives positioning as open interest soars beyond $10 billion.
• Reactions to macroeconomic news on trade tensions that exert ongoing pressure on risk assets.