- DOGE dropped 5.5%, breaking multiple support levels amid broader market weakness.
- Trading volume surged 267% above average, indicating strong selling momentum driving the decline.
- Support and resistance: Key levels at $0.1280-$0.1290; reclaiming $0.1300 needed to ease downside pressure.
Dogecoin — DOGE, recently faced significant selling pressure, dropping 5.5% as traders reacted to broader market weakness. The price fell from $0.1367 to $0.1291, breaking multiple support levels along the way. Volume surged sharply, signaling that large flows, rather than passive trading, drove the decline. Despite a brief stabilization near session lows, DOGE continues to face a bearish structure, keeping near-term momentum tilted to the downside.
DOGE Price Action and Technical Setup
The recent selloff came amid weaker risk sentiment and thinner liquidity. No single event triggered the decline, but rotation out of speculative assets added pressure. Dogecoin pushed through the $0.1350 and $0.1340 support levels before breaking below $0.1300, eventually forming a session low near $0.1266. The token now trades below the 100-hour simple moving average and the 23.6% Fibonacci retracement of the downward swing from $0.1530 to $0.1266.
Early rebound attempts failed to reclaim $0.1300, confirming sellers remain active near this level. The hourly chart shows a bearish trend line with resistance at $0.1340. Immediate upside is capped as buyers struggle to establish footing above $0.1300. Stabilization near $0.1290 has emerged, but follow-through remains limited, leaving DOGE vulnerable to further downside pressure.
Trading volume surged to 1.63 billion tokens, roughly 267% above average. This indicates strong selling momentum rather than casual profit-taking. Higher lows have started forming from the $0.1290 base, suggesting some temporary support, but the broader structure remains weak. Traders will need to watch whether DOGE can maintain levels above $0.1280-$0.1290 to prevent further losses.
Support and Resistance Levels to Watch
If buyers regain control, immediate resistance sits near $0.1325. The next level of interest is $0.1340, which aligns with the hourly trend line. Further recovery could push DOGE toward $0.1400, coinciding with the 50% Fibonacci retracement. A close above $0.1400 could open the path to $0.1450, with additional upside potential toward $0.1500 and $0.1550 for aggressive traders.
On the downside, initial support lies at $0.1280, followed by $0.1250. The key support zone sits near $0.1200. Breaching this level could expose DOGE to deeper declines toward $0.1050 or even $0.10 in the near term. The token’s short-term direction hinges on holding above the $0.1290-$0.1280 area. Sustained trading below this zone may trigger additional selling pressure, while reclaiming $0.1300 would indicate that downside momentum is easing.
Overall, DOGE faces a delicate balance between stabilization and further weakness. Large flows and high-volume selling underscore a cautious market. Traders should monitor support and resistance closely and prepare for potential volatility. The next sessions will likely determine whether Dogecoin can stabilize or continues to test lower price levels.
