Hi Guys,

It's $DOGE Time

Can DOGE Stabilize Around $0.08?

Dogecoin price tumbled to $0.08 as selling activity surged triggered by a confluence of factors and made worse by a spike in exchange inflow volume.

Cryptocurrency prices tumbled alongside the US stock market as fears of a hard landing spread following dovish economic data last.

According to the latest Dogecoin price analysis, DOGE led the meme coins’ spiral, sinking down the rabbit hole before slowing at $0.08 support.

Last week the Federal Reserve left interest rates unchanged while fewer jobs than expected and contracting manufacturing activity fuelled fears of a recession.

Carry trades between Japan and US bond markets exacerbated the precarious situation, causing a massive sell-off. Dogecoin price escalated weekly losses by 31%, with its 30-day loss amounting to 15%.

Soaring Exchange Inflows Keep DOGE Suppressed

As uncertainty intensified across global markets, investors moved their holdings to exchanges. According to the latest on-chain data by IntoTheBlock, more than 188.2 million DOGE was deposited on exchanges in August, adding fuel to the sell-off.

Usually, investors transfer tokens to exchanges intending to sell. On the other hand, they move coins to self-custody, intending to hold or stake them in the decentralized finance (DeFi) sector.

Exchange flows play an important role in crypto prices’ movements. If inflow volume increases this week, Dogecoin may be deprived of recovery momentum, allowing the downtrend to extend to the next key support at $0.06.

The IOMAP model below reveals that 56.4% of the entire DOGE supply is in the red, leaving only 42% in profit. About 1.88 of the supply holds at the breakeven point.

There’s a growing possibility of a recovery from $0.08, the current support level.

However, bulls must brave tough resistance around $1, considering the 73k addresses that bought $8.27 billion DOGE in the range between $0.0994 and $0.01021. #BTCMarketPanic #RecessionOrDip? #MarketDownturn #BinanceTurns7