Golden Cross Fails as Whales Buy, Dogecoin Breaks Support
Dogecoin slid below its $0.23 support level after sellers overwhelmed a bullish golden cross setup. Despite whale wallets adding roughly 680 million DOGE in August—lifting holdings to nearly 98.6 billion tokens—late-session selling and global trade tensions pushed price down 6% from $0.24 to $0.23. Intraday volatility reached 7% as a midday rally on 916 million volume was quickly reversed. A breakdown of $0.23 on growing volume signals further downside risk, even though the 50-day–200-day golden cross remains intact. Traders are also watching security threats: Qubic’s community, fresh from a Monero 51% attack, has voted to target Dogecoin. With open interest in derivatives topping $10 billion, market sentiment may remain bearish until support is reclaimed or accumulation resumes.
Bearish
The breakdown of Dogecoin’s key support at $0.23 amid high intraday volatility and a failed golden cross signals a bearish bias. Historically, golden cross patterns that lack follow-through often lead to further downside, especially when major holders increase accumulation but cannot prevent technical damage. Added security risks—from Qubic’s community eyeing a 51% attack—raise the risk premium and may deter short-term buyers. Elevated derivatives open interest suggests leveraged positions could unwind on further declines. Unless DOGE reclaims $0.23 with volume support or external bullish catalysts emerge, traders are likely to remain cautious, reinforcing near-term downward pressure.