The market volatility continues, with BTC prices dropping to $27200 and then rebounding to $27500. The recovery of prices did not benefit the counterfeit coins, as they continued to hit new lows due to similar trends that have been ongoing for a long time
The market volatility continues, with BTC prices dropping to $27200 and then rebounding to $27500. The recovery of prices did not benefit the counterfeit coins, as they continued to hit new lows due to similar trends that have been ongoing for a long time.
Current DOGE comments
We mentioned earlier that due to the support of futures, the price remained at $0.06. As of the time of writing, Coinalyze data shows that the open position is $222 million, a decrease of 4.27% in the past 24 hours. In addition, we also found a liquidation amount of $1.7 million. We can say that as the price drops to $0.058, support is about to lose.
Due to the sell-off of K workers, as futures support weakens, the DOGE price is losing key price areas. As mentioned earlier, this situation may trigger deeper lows.
Due to fluctuations in BTC prices, counterfeit coins have been eroded, and BTCD has climbed to 50.3%. This growth is detrimental to other cryptocurrencies, especially DOGE. Despite a 60% increase in cumulative trading volume, the trading volume still reached $27 billion. The increase in BTC trading volume has exceeded 150%, but considering the price drop, it can be said that it has received support from sellers.
Will dog coins rise?
With oil prices rebounding to $88 and concerns about geopolitical issues intensifying, the price increase for cryptocurrencies, especially memes like DOGE, will be quite surprising. The price of dog coins is losing support at $0.059. If investors continue to close below this level, they may see deeper lows of $0.055 and $0.05.
As Bitcoin prices begin to decline, if there is a large-scale sell-off, DOGE may fall to $0.035, which is the bottom for investors in 2023. The ongoing conflict between Israel and Palestine, as well as the previously announced production cuts, is driving up oil prices and exacerbating concerns about inflation. Yes, there is an indirect connection between the decline in DOGE and oil prices.
I also visited the area on August 17th. If the daily closing price is not below the horizontal support level of 0.06 US dollars, then there is still hope for DOGE investors.
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