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Market fluctuations continue and after the BTC price dropped to $27,200 levels, it climbed back to $27,500. The recovery in price is not benefiting altcoins as they continue to hit new lows due to similar movements that have been going on for a long time.
Current DOGE Comments
We previously mentioned that the price held at $0.06 due to support from futures. According to Coinalyze data at the time of writing, there is an open position of $222 million, with a 4.27% decrease in the last 24 hours. In addition, we saw liquidation of $1.7 million. We can say that the support is about to be lost as the price drops to $0.058.
Due to miner sales, DOGE price is losing the critical price zone as the support in futures erodes. This situation may trigger a journey to deeper lows as previously mentioned.
Due to the fluctuations in BTC price, altcoins are eroding and BTCD has climbed to 50.3%. This increase is unfavorable for other cryptocurrencies, especially DOGE. Despite a 60% increase in cumulative trading volume, the volume is at $27 billion. The increase in BTC volume has exceeded 150%, but considering the price decline, we can say that it is supported by sellers.
Will Dogecoin Rise?
With the price of oil climbing back to $88 and concerns rising due to geopolitical issues, it would be quite surprising for cryptocurrencies, especially meme coins like DOGE, to experience a price increase. The price of Dogecoin is losing the $0.059 support. If it continues to close below this level, investors may see deeper lows of $0.055 and $0.05.
With the start of Bitcoin‘s price decline, if a large selling wave comes, DOGE could drop to $0.035, which is the 2023 bottom for investors. The ongoing conflicts between Israel and Palestine, as well as previously announced production supply cuts, are pushing up oil prices and strengthening concerns about inflation. And yes, there is an indirect connection between the decline in DOGE and the price of oil.
This zone was also visited on August 17th. If the daily closing is not below the horizontal support level of $0.06, there is hope for DOGE investors.