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Dogecoin (DOGE) Price: Golden Cross Formation Signals Potential Rally in August
Dogecoin’s price has been experiencing a downward trend since reaching its July peak of $0.28, plummeting approximately 30% to test crucial support levels around $0.19. This significant decline may have caught traders off guard, but the development of a golden cross formation could signal potential for a rally in August.
The long-term perspective remains optimistic despite this recent pullback, as the meme coin has defended its key $0.19 level. If this support fails on high volume, bears might aim to breach the $0.17 and then $0.15 zones, which would offer potential discounts of 12% to 24% from current levels.
However, a successful bounce from the demand zone around $0.19 could lead to DOGE collecting liquidity at $0.18 before potentially moving higher, thereby indicating that this pullback was merely a normal part of market mechanics rather than a bearish development.
While external factors such as macroeconomic pressures due to new trade policies and Federal Reserve rate decisions have contributed to the crypto market decline, it remains essential to watch how DOGE responds to these developments. It’s crucial for traders to keep an eye on the asset’s price action around $0.19 levels, which may determine near-term direction.
As always, it’s essential for traders to make their own informed decision and conduct thorough research before investing in any asset.
Source: coincentral.com
