Dogecoin Dragged Lower by Outflows With Technicals Flagging Bearish Continuation

Dogecoin experienced a 4% decrease in value during the 24-hour period ending August 3rd at 04:00 (UTC+7), falling from $0.20 to a low of $0.19. This decline occurred amidst increased trading activity and persistent macroeconomic uncertainties. The shift reflects a broader deterioration in risk appetite globally, leading to institutional outflows from volatile crypto assets, particularly meme coins.

Key Observations:

• DOGE exhibited volatility, fluctuating within a $0.01 range (7.14%) during the session, dipping from $0.20 to $0.19 before a slight recovery.
• Trading volume surged to 918.53M at 06:00 and 502.81M at 14:00, exceeding the 24-hour average of 385.67M, suggesting significant selling pressure.
• Support was established around the $0.188–$0.190 level, where volume spiked to 667.44M, facilitating a brief rebound to $0.194.
• Resistance remained firm at $0.202–$0.203, consistently rejecting attempts to move higher.

Background:

The downturn in DOGE's price coincided with renewed global trade tensions following the expiration of a reciprocal tariff framework, impacting 92 countries with increased trade barriers. The Federal Reserve's decision to maintain current interest rates while monitoring trade data has lowered market expectations of a September rate cut, putting downward pressure on higher-risk assets.

Price Summary:

• High: $0.203
• Low: $0.188
• Close: $0.195
• 24H Range: $0.015 (7.14%)

Technical Perspective:

• DOGE faced strong resistance in the $0.202–$0.203 area, preventing upward momentum.
• The $0.188–$0.190 range absorbed considerable selling pressure, with high trading volumes potentially indicating bargain hunting or renewed accumulation.
• In the final 60-minute session (03:55–04:54), a modest 0.53% decrease from $0.196 to $0.195 was observed, with intra-candle resistance at $0.1963 and support near $0.1952.
• While trading volumes normalized towards the end of the session, they remained above the baseline, suggesting the potential for continued volatility.

Factors to Watch:

• Whether DOGE can maintain support at $0.19 or experience further declines amid broader weakness in the altcoin market.
• Key macroeconomic factors, including the U.S. interest rate trajectory, shifts in global trade policy, and potential shifts in liquidity away from meme-based assets.