Dogecoin's Selloff Loses Steam at Crucial Support Level

Dogecoin's price remains below $0.07, but one signal suggests that the selloff may be losing steam.

The largest meme coin is holding just above its critical support level of $0.070, which could encourage traders to increase their exposure and improve the prospects of a short-term recovery.

However, several moving averages remain above Dogecoin's current price, highlighting the significant resistance it must overcome to reverse its broader bearish trend.

The token has gained less than 1% in August, raising the possibility that it could end its three-month losing streak. In May, June, and July, Dogecoin declined by 5.9%, 28.3%, and 3.4%, respectively.