Convergence

Dogecoin

bullish

Divergence

Dogecoin price weekly correction deepened by 16%, with bullish attempts repeatedly thwarted by a deteriorating market. This, coupled with a weak technical structure, increases the probability of the largest meme coin falling below the firm $0.1 support. 
The cryptocurrency market’s underperformance can be attributed to several factors: the unexpected market reaction to the Fed’s dovish stance, growing recession fears in the US fueled by stock market declines, and escalating geopolitical tensions. 
<h2 class="p1" id="all-eyes-on-0-1-as-dogecoin-price-seeks-support">All Eyes On $0.1 As Dogecoin Price Seeks Support</h2> 
Dogecoin price faces significant selling pressure with massive liquidations in futures contracts. According to <a rel="nofollow" href="https://www.coinglass.com/LiquidationData">Coinglass</a> data, $2.95 million was liquidated in longs, while $698k in shorts was wiped out. 
<figure id="attachment_210879" aria-describedby="caption-attachment-210879" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210879" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15.png" alt="Dogecoin liquidation stats | Coinglass" width="2762" height="1146" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15.png 2762w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15-300x124.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15-1224x508.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15-768x319.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15-1536x637.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15-2048x850.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.22.15-150x62.png 150w" sizes="(max-width: 2762px) 100vw, 2762px">
 <figcaption id="caption-attachment-210879" class="wp-caption-text">
 Dogecoin liquidation stats | Coinglass
 </figcaption>
</figure> 
Should this imbalance continue, it would be difficult to keep DOGE above $0.1, which may clear the course for a further decline to $0.77. A recent look at the&nbsp;<a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" target="_blank" rel="noopener">Dogecoin price forecast</a> revealed that holding below three key 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) further disadvantages the bulls, increasing the risk of&nbsp;a longer correction. 
<figure id="attachment_210877" aria-describedby="caption-attachment-210877" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210877" src="https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20.png" alt="Dogecoin price chart | Tradingview" width="2694" height="1440" srcset="https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20.png 2694w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20-300x160.png 300w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20-1224x654.png 1224w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20-768x411.png 768w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20-1536x821.png 1536w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20-2048x1095.png 2048w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSD_2024-08-03_12-11-20-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-210877" class="wp-caption-text">
 Dogecoin price chart | Tradingview
 </figcaption>
</figure> 
An incoming buy signal from the Moving Average Convergence Divergence (<a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>) will call on more traders to buy the dip. However, it would be wise to wait for a bullish candle above the two-month-long ascending trend line in the four-hour range, before triggering the buy order. 
Bullish traders will aim for $0.12, with a decisive break potentially leading to $0.14. More cautious traders might target $0.13 before confirming further upside. 
Meanwhile, as <a href="https://coingape.com/price/dogecoin/#:~:text=Live%20Price%20of%20Dogecoin%20(DOGE,market%20cap%20stands%20at%20%2416%2C188%2C736%2C728.">DOGE price</a> holds steady above $0.1—a region likely to play an important role in its recovery, about 41,000 addresses purchased 30.85 billion DOGE between $0.1078 and $0.1094, representing growing demand behind the largest meme coin, <a rel="nofollow" href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=inAndOut">IntoTheBlock</a> data shows. 
<figure id="attachment_210878" aria-describedby="caption-attachment-210878" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210878" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13.png" alt="Dogecoin IOMAP model | IntoTheBlock" width="2380" height="952" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13.png 2380w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13-300x120.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13-1224x490.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13-768x307.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13-1536x614.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13-2048x819.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-03-at-12.21.13-150x60.png 150w" sizes="(max-width: 2380px) 100vw, 2380px">
 <figcaption id="caption-attachment-210878" class="wp-caption-text">
 Dogecoin IOMAP model | IntoTheBlock
 </figcaption>
</figure> 
A potential influx of buyers could ignite a Dogecoin rally, propelling prices above $0.12. IntoTheBlock’s IOMAP model shows that diminishing resistance will likely accelerate this upward movement towards $0.175. 
The post <a href="https://coingape.com/markets/is-dogecoin-price-on-the-brink-of-crashing-below-30-85b-doge-support/">Is Dogecoin Price on the Brink of Crashing Below 30.85B DOGE Support? </a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Is Dogecoin Price on the Brink of Crashing Below 30.85B DOGE Support?

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