DOGE Completes First August Death Cross Amid Mixed Crypto Market

Dogecoin has completed its first August death cross on the short-term charts, as its 50 MA (moving average) fell below the 200 MA on the hourly chart.

This event historically precedes stagnant price action for Dogecoin. Since August 3, the price of DOGEUSD has fallen, with momentum slowing down.

The crypto market is experiencing mixed action on Thursday ahead of Friday's nonfarm payrolls data and unemployment rate release, which is expected to show an increase of 83,000 jobs and unchanged unemployment rates.

Despite this, Dogecoin saw a recent boost in activity. According to Ali, a crypto analyst, the number of weekly active DOGE addresses jumped 16%, from 38,000 to 44,000, indicating increased on-chain activity.