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Dogecoin Drops in Value but Expectations of Future Growth Persist

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by Giorgi Kostiuk

2 hours ago


Dogecoin faced a 3.59% decline, but technical indicators create hopes for strong future growth.

Dogecoin's Value Decline

On August 14, Dogecoin dropped by 3.59%, falling to $0.237. This decline aligned with a broader market retracement. Despite the short-term weakness, technical indicators continue to suggest the possibility of a larger move.

Major Holders and Traders' Activity

Large holders of Dogecoin have begun to increase their positions following the appearance of a golden cross on the chart. This reaction emphasizes confidence that the trend could develop similarly to last year. However, momentum indicators, such as the relative strength index, remain indecisive, reflecting fluctuations between buyers and sellers.

Rising Derivative Trading Volumes

Interest in the derivatives market has also surged, with trading volumes exceeding $10 billion in the past 24 hours. This represented a 31% increase from earlier sessions. Additionally, funding rates turned strongly positive, indicating that traders holding long positions are willing to pay premiums to maintain exposure.

Dogecoin's price action remains unstable as market participants weigh both bullish and bearish signals. However, the presence of a golden cross and rising derivatives activity suggest that market optimism has not faded, and bullish traders appear prepared for the possibility of a substantial rally.

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