Dogecoin (DOGE) has recently experienced a significant downturn, breaking through the crucial support level of $0.15. This decline comes as selling pressure intensifies across the cryptocurrency market.
DOGE Chart Turns Bearish as Multiple Support Levels Break
The price of Dogecoin plummeted by 11.2%, falling from $0.1578 to $0.1401. Trading volume soared to 2.52 billion, marking a staggering 263% increase over the 24-hour simple moving average. This breakdown occurred at 07:00 UTC when the price encountered resistance at $0.1595, initiating a controlled decline.
Key Market Events
- The crypto market moves deeper into extreme fear, with Bitcoin prices under $85,000.
- In the past 24 hours, the total market capitalization plummeted by $120 billion.
- The meme coin sector is seeing significant deleveraging as liquidity diminishes on major exchanges.
- Whale accumulation activity has markedly slowed following a two-week buying period.
- Analysts have noted forced liquidations across various altcoins due to weakening macro flows.
Recent Price Action
The price decline accelerated between 07:33 and 07:36, with a turnover exceeding 500 million as the price slid from $0.144 to $0.138. Attempts to stabilize around $0.140 indicate a tentative structural floor forming, but the prevailing trend remains bearish.
Technical Analysis Overview
Technical indicators reveal that Dogecoin’s chart has suffered significant damage. The swift rejection at $0.1595 has created a clear bearish momentum. The rapid descent from $0.144 to $0.138 suggests that institutional or algorithmic sell programs were heavily involved. These fast-moving gaps highlighted displaced liquidity that usually needs to be filled for sustained recoveries to occur.
Despite the high volume during the crash—2.52 billion total—large-scale distribution appears to be the primary driver, rather than retail panic. Currently, DOGE is trading below both its 50-day and 200-day moving averages, indicating continued trend weakness.
What Traders Should Monitor
Dogecoin is positioned at a precarious intersection where market volatility and liquidity can change quickly. Here are the key levels to watch:
- $0.138 is a critical support level; a failure here could accelerate the drop towards $0.135, and then $0.128.
- A sustained recovery at $0.140 is essential to prevent deeper structural breakdown.
- Watch for attempts to fill the gap around $0.144; reclaiming this level may signal an early recovery.
- Continued weakness in Bitcoin could disproportionately affect DOGE.
- The lack of new whale accumulation following the recent decline raises short-term concerns.
- If fresh news regarding ETFs for DOGE emerges, anticipate increased volatility, although not necessarily positive movement.
As market conditions fluctuate, it’s crucial for traders and investors to stay informed on these developments surrounding Dogecoin.
