Dogecoin's price has remained steady for several weeks; however, August 2023 shows negative trends that could lead to a significant drop.
August: An Unfavorable Month for Dogecoin
Historically, August has proven to be challenging for Dogecoin, with prices dropping during this month. In 2023, DOGE fell nearly 18%, in 2022 it lost about 10%, and in 2021, it decreased by 16.2%. Current trends suggest that August may negatively impact prices once again.
Brief Sales and Market Data
Data from Coinglass shows that DOGE flows have turned positive again, which may signify increasing sell pressure. The bull-bear index remains in the red, indicating that bears are dominating the market. These factors contribute to a sustained bearish trend.
Resistance and Support Levels for Dogecoin
Currently, Dogecoin is trading above the 0.207 level, which is a short-term support. If the price breaks below 0.188, it could lead to a drop to 0.14, aligning with sharp declines witnessed in the past.
The situation with Dogecoin remains complex, and traders should monitor market indicators closely. If the price fails to hold above key levels, a significantly negative scenario is plausible.
