Dogecoin News Today: Dogecoin Falls 30% to $0.19 as Traders Watch for Support Break

Dogecoin (DOGE) has seen a 30% pullback from its July high of $0.28, bringing the price down to a critical support level of $0.19. This correction has drawn attention from traders and analysts, who are closely monitoring whether the asset will stabilize or face further downward pressure. The recent decline has pushed DOGE below key moving averages, including the 50-day and 200-day exponential moving averages (EMAs) at $0.206 and $0.207, respectively. However, bulls have managed to hold the price above $0.19 so far, indicating that the immediate support remains intact [1].

A decisive close below the $0.19 level could open the door for further declines toward $0.17 and possibly $0.15, representing a 12–24% drop from current levels. Conversely, a successful defense of this support could trigger a rebound toward the 20 EMA near $0.22. Traders are also watching for a potential move beyond $0.24, which could set the stage for a larger rally toward the $0.30 psychological barrier. However, reaching that level would likely require new positive catalysts and a more favorable macroeconomic climate [2].

Technical indicators confirm that momentum has cooled significantly in recent weeks. The daily Relative Strength Index (RSI) has moved from an overbought level above 80 to below 50, signaling a loss of upward momentum. Similarly, the Moving Average Convergence Divergence (MACD) has turned bearish, reinforcing the idea that the recent rally has lost steam. These developments suggest that the market is currently in a period of consolidation, with indicators resetting after a period of overbought conditions. While this could lead to a healthier upward move if support holds, it also points to the need for caution as the market digests the recent correction [3].

Despite the price decline, trading activity on major exchanges remains robust. Data from Coinglass shows that while DOGE futures volume fell by 37% to $4 billion in a 24-hour period, open interest remained stable around $3 billion. This suggests that traders are not aggressively exiting their positions, indicating continued confidence in the long-term price outlook. The long/short ratio on major platforms like Binance and OKX also reflects strong bullish sentiment, with longs outnumbering shorts by 3:1 and 3.6:1, respectively [4].

The broader market environment has introduced headwinds for risk assets like cryptocurrencies. Recent policy shifts, including the introduction of new import taxes, have created uncertainty for investors. These developments, combined with the ongoing correction in DOGE, highlight the sensitivity of the cryptocurrency market to macroeconomic factors and global trade policy [5].

For now, traders are keeping a close eye on the $0.19 support level, which could either trigger a new bullish phase or signal a deeper bearish move. The consolidation between $0.19 and $0.22 may represent a temporary pause before the next major price action. If the market can maintain this range and technical indicators continue to reset, the path for a potential rebound remains open. However, a breakdown below $0.19 could shift sentiment and lead to a more extended correction [6].

Source: [1] Blockonomi. https://blockonomi.com/dogecoin-doge-price-testing-0-19-support-level-after-30-decline-from-july-high/

[2] CoinCentral. https://coincentral.com/dogecoin-doge-price-golden-cross-formation-signals-potential-rally-in-august/

[3] Blockchain. https://blockchain.news/news/20250807-doge-price-holds-020-support-despite-mixed-technical-signals

[4] CoinCentral. https://coincentral.com/dogecoin-doge-price-traders-remain-bullish-after-12-bounce-from-support-whats-next/

[5] AInvest. https://www.ainvest.com/news/doge-dips-30-0-19-market-weighs-bearish-signals-2508/

[6] BlockchainReporter. https://blockchainreporter.net/shiba-inu-dogecoin-cool-off-while-blockdags-10-btc-auction-sends-traders-scrambling-to-its-trading-dashboard/