2 hours ago
Dogecoin tumbled sharply connected Tuesday aft the Qubic blockchain assemblage voted to people DOGE for a imaginable 51% attack, days aft it claimed work for compromising Monero’s network. Security fears collided with wide crypto weakness, pushing DOGE into dense merchantability unit contempt continued whale accumulation.
News Background
• Qubic’s governance forum approved a connection to nonstop hashpower toward Dogecoin, raising the anticipation of a coordinated 51% attack. The radical precocious executed a akin determination against Monero, successfully disrupting artifact validation.
• The quality fueled jitters crossed the Dogecoin community, with traders pricing successful heightened information risks.
• At the aforesaid time, whales accumulated 680 cardinal DOGE successful August, showing semipermanent involvement contempt the threat.
• Derivatives positioning weakened, with DOGE futures unfastened involvement sliding 8%, signaling declining assurance successful near-term upside.
Price Action Summary
• DOGE dropped 5% successful the 24-hour play from August 19 06:00 to August 20 05:00, falling from $0.22 to $0.21.
• The heaviest selling occurred betwixt 13:00-15:00 UTC connected August 19, erstwhile DOGE crashed from $0.22 to $0.21 amid 916 cardinal tokens traded — treble the 24-hour average.
• $0.22 emerged arsenic a beardown absorption portion aft repeated rejections, portion $0.21 acted arsenic a cardinal enactment level into the close.
• Overnight enactment was range-bound, with DOGE oscillating betwixt $0.2120-$0.2130 earlier closing astatine $0.2124.
Technical Analysis
• Resistance: $0.22 confirmed arsenic dense proviso portion with high-volume rejection.
• Support: $0.21 holding arsenic a intelligence floor, with hazard of a $0.208 retest if selling persists.
• Volume: 916 cardinal traded, up 100% implicit baseline, reflecting panic selling.
• Structure: Range-bound consolidation betwixt $0.2120-$0.2130 successful precocious hours shows uncertainty alternatively than betterment momentum.
• Futures: Open involvement fell 8%, suggesting leverage longs are unwinding.
What Traders Are Watching
• Whether Qubic follows done connected its DOGE onslaught program aft Monero disruption.
• Whale accumulation versus retail capitulation — volition ample players support $0.21 support?
• Market absorption to continued declines successful derivatives unfastened interest.
• A decisive determination supra $0.22 oregon beneath $0.21 to acceptable adjacent directional bias.
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