DOGE Falls 5% Amid Quadrupled Volume and Market Weakness
Dogecoin (DOGE) declined 5% over a 24-hour period, dropping from $0.21 to $0.20. The price fluctuated between $0.198 and $0.211. A significant liquidation event occurred at 14:00 on August 5, with trading volumes reaching 877.9 million, nearly four times the average.
Key Points
- DOGE closed at $0.1985 after failing to reclaim resistance above $0.205.
- Institutional outflows from crypto ETFs totaled $223 million in the past week.
- Broader market risk aversion driven by Federal Reserve policies and geopolitical concerns.
- Retail interest in meme coins is waning, with large holders moving to higher-beta altcoins or cash.
- Volume during declines remains high, indicating seller control unless conditions change.
Price Action Summary
DOGE hit a session high of $0.211 but faced a sharp decline, particularly around 14:00 when it dropped from $0.205 to $0.199. Support was tested at $0.198-$0.199, but rebounds lacked strength. The final hour saw additional selling pressure as price approached local resistance at $0.1988.
Technical Analysis
- DOGE traded within a 6% range between $0.198 and $0.211.
- Significant volume spike at 14:00 indicated strong selling interest.
- Resistance established at $0.205 following breakdown.
- Weak bounce volume suggests continued downside momentum.
- Traders are monitoring $0.198 for stability; further declines may push prices toward $0.185.
Overall, DOGE's movement reflects broader market trends and investor sentiment, with a focus on convincing recovery above $0.205 for potential reversal.