news 
Dogecoin Completes First Death Cross in August, What’s Coming?
Dogecoin has recently completed its first bearish crossover in August, forming a death cross pattern on its four-hour chart. This signal, which occurs when the short-term 50-period moving average falls below the long-term 200-period moving average, is commonly interpreted as an indication of declining momentum and potential further downside.
In the case of Dogecoin, the four-hour simple moving average (SMA) has dropped below the four-hour SMA 200, indicating that short-term selling pressure outweighs demand. DOGE has been under pressure in recent weeks, unable to maintain upward momentum amid a broader market sell-off driven by macroeconomic concerns.
DOGE had previously declined from a high of $0.287 on July 21 to a low of $0.1888 on August 3, starting the month with an uncertain tone. It is now trading at $0.2013, up 1.15% in the previous 24 hours. Despite a modest recovery, Dogecoin’s price remains trapped between its daily SMA 50 and SMA 200 at $0.196 and $0.203, respectively, and below its four-hour simple moving averages.
A break and close below the 50-day SMA at $0.196 may send the DOGE price plummeting to the crucial support level of $0.14. On the other hand, a close above this significant resistance level could propel Dogecoin’s price toward $0.29, which it has not reached since June.
The cryptocurrency market is currently experiencing heightened uncertainty amid increasing macroeconomic concerns, making the coming period pivotal for DOGE’s future trajectory. The ongoing accumulation by large holders, often referred to as whales, may potentially impact the coin’s price action in the following weeks.
Notably, these whales have collectively purchased more than one billion DOGE over the past 24 hours, translating to approximately $200 million at current prices. Continued whale accumulation could be viewed as bullish as it signals conviction from these large investors.
Source: u.today
