Dogecoin Price Drops Over 5% Following Failed Breakout at $0.25
Dogecoin's price declined over 5% today after failing to maintain the $0.25 level, erasing last week's gains. Open interest for DOGE dropped by more than 8%, indicating diminishing bullish sentiment.
Factors Influencing Dogecoin's Decline
- Price pullback occurred on August 24–25 post reaching $0.25.
- Increased whale activity with significant transfers to Binance exerting selling pressure.
- A 900 million DOGE transfer valued at over $200 million was traced to Binance wallets, suggesting short-term selling.
- Despite institutional accumulation earlier this month, DOGE is testing critical support levels.
- On-chain data shows whales accumulated over 680 million DOGE in August, reflecting long-term confidence.
- Broader crypto market corrections impacted DOGE's price due to new trade policies and central bank comments.
- DOGE open interest fell under $3.5 billion according to Coinglass data.
Future Price Movements
DOGE's daily trading volume surged by 128% to $3.83 billion amid current price corrections. A symmetrical triangle pattern forms on the 4-hour chart, indicating potential consolidation.
Analysts suggest a possible final dip before a breakout, with indications that Dogecoin's bull market cycle is set to resume soon, potentially leading to a rally that could exceed its all-time high of $0.73905.
Maxi Doge Fundraising Success
Maxi Doge, a new meme coin inspired by Dogecoin, raised over $1.5 million since launch, highlighting robust investor interest. It aims to combine humor with utility through staking rewards and exclusive access to trading groups.
Key Details:
- Ticker: MAXI
- Network: Ethereum
- Token Price: $0.000254
- Funds Raised: $1.53M