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Sujit Kumar
Aug 26, 2024

Dogecoin Maintains Crucial Support Level Amid Market Correction

Dogecoin Maintains Crucial Support
Dogecoin (DOGE) faced a challenging week as the memecoin experienced a price correction, following broader market trends. Despite the bearish sentiment, DOGE managed to close the week above the crucial $0.102 level, a positive signal noted by crypto analyst Crypto Tony in a recent tweet. At the time of writing, Dogecoin is trading at $0.1092, with a market capitalization exceeding $15.9 billion, making it the 8th largest cryptocurrency.

Bearish Sentiment Among Miners

On-chain data suggests that DOGE miners have been selling their holdings, indicating a lack of confidence in the coin's near-term prospects. This is reflected in the decline of DOGE's MVRV (Market Value to Realized Value) ratio, a bearish indicator, and a drop in the coin's velocity, showing reduced transaction activity.

Mixed Signals for the Coming Week

Despite these bearish signals, technical indicators like the MACD (Moving Average Convergence Divergence) showed a bullish crossover, and the Chaikin Money Flow (CMF) registered a slight uptick, hinting at possible upward momentum. However, the Relative Strength Index (RSI) is trending downward, suggesting that bears might still have the upper hand.

Looking ahead, DOGE's price could target $0.13 if it can break above the $0.11 mark. However, continued selling pressure could push the memecoin down to $0.09, making the $0.11 level a critical threshold to watch.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Dogecoin Maintains Crucial Support Level Amid Market Correction
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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