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The Dogecoin price is trading in the red as the crypto market fell to begin the week in response to increased macroeconomic uncertainty. Bitcoin fell to $115,000 after touching a new all-time high last week, its fourth one this year, near $125,000.
The sell-off across the market resulted in more than $582 million in liquidations over the past 24 hours, according to CoinGlass data.
At press time, Dogecoin was trading down 5.64% in the last 24 hours to $0.221, from an intraday high of $0.235.
Macroeconomic concerns are expected to divert attention away from the institutional adoption narrative this month and into the September Fed meeting.
This week, investors are watching the Fed's annual economic symposium in Jackson Hole, Wyoming, for hints as to what may happen at the Central Bank's remaining policy sessions this year. Crypto traders will also be following Thursday's unemployment claims report.
Dogecoin rockets 100% in volume
Dogecoin's trading volume has doubled despite the market sell-off. According to CoinMarketCap data, DOGE trading volume has increased by 102% in the last 24 hours to $3.36 billion.
Dogecoin is also seeing increased activity on the futures market, with derivatives volume reaching $7.66 billion, representing a 96% increase, while open interest reached $3.52 billion.
Dogecoin reversed a three-day climb that reached a high of $0.242 on Aug. 17 following the emergence of a bullish golden cross pattern on its daily chart.
Dogecoin remains in consolidation despite the price drop, with its price fluctuating between $0.21 and $0.255. Amid bulls' stand-down in the market, the daily RSI has fallen to the 50 midpoint, indicating hesitation on the market, favoring neither bulls nor bears.
Eyes will be on Dogecoin to see if it will decisively breach $0.26 to make the next move on the market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team