Deep Dive
1. Technical Breakdown (Bearish Impact)
Overview: DORA broke below its 7-day SMA ($0.01648) and 30-day SMA ($0.01846), with the RSI14 at 21 – deep in oversold territory. The MACD histogram turned negative (-0.00025994), signaling bearish momentum.
What this means: Technical traders likely exited positions as the price fell below psychologically critical $0.015 support (now resistance at 50% Fibonacci retracement). The 24h volume surged 71.76% to $4.58M, confirming capitulation.
What to look out for: A close above $0.01357 (61.8% Fib level) could signal relief, but the 200-day EMA at $0.0268 remains distant resistance.
2. Post-Event Profit Taking (Bearish Impact)
Overview: Binance’s DORA trading competition (August 23–September 6) offered $730K rewards, potentially creating sell pressure as participants liquidated prizes.
What this means: Event-driven pumps often reverse post-deadline. DORA’s price peaked at $0.0214 on September 7 (aligning with competition end) before its 40.74% 30-day drop. High turnover (0.699 ratio) shows weak holder conviction.
3. Altcoin Liquidation Wave (Bearish Impact)
Overview: Bitcoin dominance hit 59.55% (up 0.96% daily), while the Altcoin Season Index fell to 33 – deep in “Bitcoin Season” territory.
What this means: Investors rotated out of risky alts amid market-wide fear (CMC Fear & Greed Index: 35). DORA’s -24.65% underperformed both ETH (-6.34% market-wide) and mid-cap peers, suggesting project-specific concerns.
Conclusion
DORA’s decline reflects technical triggers, post-event selling, and sector-wide risk aversion. While oversold RSI levels hint at potential stabilization, the token faces resistance at $0.01357 and remains vulnerable to Bitcoin dominance trends.
Key watch: Can DORA hold $0.01144 (78.6% Fib support) ahead of its LBANK listing on September 19?