Key Takeaways
Dogecoin dropped 5.8% as Bitcoin pulled beneath $112k. RSI and OBV confirmed mounting bearish stress, whereas the heatmap flagged $0.24 as swept, leaving $0.207–$0.21 as the following liquidity cluster.
Dogecoin [DOGE] fell 5.81% on Monday, the twenty fifth of August, measured on the time of writing.
Evaluation of the decrease timeframe charts instructed the session may flip extra bearish, particularly with Bitcoin [BTC] dropping beneath $112k.
Supply: DOGE/USDT on TradingView
Dogecoin has been buying and selling inside a variety from $0.142 to $0.25 since March. It tried a bullish breakout in July.
A Bitcoin reset from $120k to $114.7k lower quick DOGE bulls’ breakout hopes.
On the time of writing, the mid-range stage at $0.196 beckoned Dogecoin costs decrease. The OBV stood close to early-August lows and signaled regular promoting stress over the previous two weeks.
In actual fact, the wilting RSI additionally highlighted a possible shift in momentum in favor of the bears.
What’s in retailer for Dogecoin this week?
Supply: DOGE/USDT on TradingView
Monday didn’t yield a great begin to the crypto market. Following the BTC rejection at $113.6k, the altcoin market shed 4% in market capitalization.
On high of that, Dogecoin was unable to maintain on to the $0.224 stage. This marked the 75% assist stage throughout the long-term vary highlighted earlier.
Given the bearish momentum and promoting stress in current hours, it appeared seemingly that the main memecoin may retest the $0.21 assist zone.
A week in the past, DOGE rallied from this demand zone. Then, the rally faltered at $0.241, a key short-term resistance stage.
Liquidity Heatmap factors to $0.207 cluster
Supply: CoinGlass
The two-week Liquidation Heatmap confirmed that $0.24 was a powerful magnetic zone. As soon as swept, it triggered a bearish reversal.
On high of that, the following notable cluster sat close to $0.207.
This was slightly below the bullish order block highlighted in cyan on the 1-hour timeframe. Due to this fact, there was a great probability that Dogecoin would fall deeper.
In actual fact, a retest of the $0.20–$0.21 vary may nonetheless pave the way in which for a rebound, if consumers step again in.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
