In This Post :
- 188 million DOGE moved to exchanges, showing heavy selling.
- 56% of DOGE supply is at a loss, adding price pressure.
- Critical support at $0.08 could decide Dogecoin’s next move.
Dogecoin (DOGE) has dropped to $0.08. Many investors are selling their DOGE, causing this big drop. Here are the main reasons why. In August, investors moved over 188 million DOGE to exchanges. People usually do this when they want to sell. This big move added more pressure on Dogecoin’s price. Over the past week, DOGE’s price fell by 31%. In the last 30 days, it lost 15% of its value. More DOGE on exchanges means more selling pressure, which keeps prices down.
Market Worries Add to the Drop
Recent news about the economy has made people worry about a recession. The Federal Reserve did not change interest rates. There were also fewer new jobs and less manufacturing. These factors led to more selling in both regular and crypto markets.
Impact on DOGE: Dogecoin dropped the most among meme coins. The price hit $0.08, which is a key support level. If it falls below this, the price could drop even more.
Chances of Dogecoin Recovering
There are signs that Dogecoin might stay at $0.08. The Relative Strength Index (RSI) shows that DOGE is oversold. This means the price could bounce back soon. Many traders are looking to buy DOGE at these low prices, which could help it recover.
Resistance Levels: But, Dogecoin has strong resistance around $0.1. Many investors bought DOGE between $0.0994 and $0.1021. This range will be hard to break through.
Potential for a Price Rise
Dogecoin’s price chart shows a falling wedge pattern. This is usually a good sign. If DOGE breaks above the upper line of this pattern, it could see a big rise. The breakout target could be as high as $0.22.
Conclusion: Dogecoin is at a crucial point. It needs to hold the $0.08 support to avoid more drops. If traders keep buying at this level, DOGE might recover and even break out of its current downtrend. But, there are big challenges, like the resistance at $0.1 and overall market worries. In short, while the market is tough for Dogecoin, there is hope for recovery if key levels hold and investor confidence improves.
