Dogecoin (DOGE) Price: 30% Drop Tests $0.19 Support Level as Technical Indicators Reset
The post Dogecoin (DOGE) Price: 30% Drop Tests $0.19 Support Level as Technical Indicators Reset appeared on BitcoinEthereumNews.com. TLDR Dogecoin price fell nearly 30% from its July peak of $0.28 to test the $0.19 support level A late-July 20/200-day golden cross suggests the broader uptrend remains intact despite current weakness Exchange data shows traders remain bullish with long positions outnumbering shorts by 3:1 on Binance Momentum indicators like RSI and MACD show cooling but may be resetting for a potential rebound Analyst Cantonese Cat cites “great risk-reward” at current levels as DOGE forms a falling wedge breakout pattern Dogecoin has experienced a sharp correction over the past two weeks, dropping nearly 30% from its five-month high of $0.28 reached on July 21. The popular meme cryptocurrency is now testing a crucial support level at $0.19, leaving traders wondering if this marks a buying opportunity or the start of a deeper decline. The sell-off comes amid broader market pressure triggered by macroeconomic factors. President Trump’s recent announcement of new import taxes ranging from 10% to 41% on goods from several countries has dampened risk appetite across financial markets. Despite the recent price drop, technical analysis indicates the long-term uptrend may still be intact. A golden cross between the 20-day and 200-day moving averages occurred in late July, which typically signals bullish momentum from a structural perspective. However, shorter-term momentum indicators tell a different story. The Relative Strength Index (RSI) has fallen from an overheated reading above 80 to below 50, entering bearish territory. The Moving Average Convergence Divergence (MACD) indicator has also flipped bearish, confirming the loss of upward momentum. Support Level Analysis The $0.19 price level represents a key technical battleground for Dogecoin. Bulls have so far managed to defend this support zone, preventing a deeper correction to the next major support levels at $0.17 and $0.15. Dogecoin Price on CoinGecko A decisive daily close below $0.19, especially…
The post Dogecoin (DOGE) Price: 30% Drop Tests $0.19 Support Level as Technical Indicators Reset appeared on BitcoinEthereumNews.com.
TLDR Dogecoin price fell nearly 30% from its July peak of $0.28 to test the $0.19 support level A late-July 20/200-day golden cross suggests the broader uptrend remains intact despite current weakness Exchange data shows traders remain bullish with long positions outnumbering shorts by 3:1 on Binance Momentum indicators like RSI and MACD show cooling but may be resetting for a potential rebound Analyst Cantonese Cat cites “great risk-reward” at current levels as DOGE forms a falling wedge breakout pattern Dogecoin has experienced a sharp correction over the past two weeks, dropping nearly 30% from its five-month high of $0.28 reached on July 21. The popular meme cryptocurrency is now testing a crucial support level at $0.19, leaving traders wondering if this marks a buying opportunity or the start of a deeper decline. The sell-off comes amid broader market pressure triggered by macroeconomic factors. President Trump’s recent announcement of new import taxes ranging from 10% to 41% on goods from several countries has dampened risk appetite across financial markets. Despite the recent price drop, technical analysis indicates the long-term uptrend may still be intact. A golden cross between the 20-day and 200-day moving averages occurred in late July, which typically signals bullish momentum from a structural perspective. However, shorter-term momentum indicators tell a different story. The Relative Strength Index (RSI) has fallen from an overheated reading above 80 to below 50, entering bearish territory. The Moving Average Convergence Divergence (MACD) indicator has also flipped bearish, confirming the loss of upward momentum. Support Level Analysis The $0.19 price level represents a key technical battleground for Dogecoin. Bulls have so far managed to defend this support zone, preventing a deeper correction to the next major support levels at $0.17 and $0.15. Dogecoin Price on CoinGecko A decisive daily close below $0.19, especially…
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