Dogecoin (DOGE) has experienced a notable decline, dropping 5.5% within a 24-hour period. This downturn saw the price fall from $0.1367 to $0.1291, indicating heightened selling pressure across the broader cryptocurrency market. The breach of the critical $0.1370 support level has raised concerns among traders.
During this selloff, trading volume surged, reaching 1.63 billion tokens—an increase of 267% over average volume. This spike in activity suggests that the price movement resulted from significant trading flows rather than mere market fluctuations. As the price fell, it pushed through vital support levels at $0.1350 and $0.1340 before settling below the $0.1300 mark.
At present, Dogecoin is trading below its 100-hourly simple moving average and remains beneath the 23.6% Fibonacci retracement level of the recent downward trend from the swing high of $0.1530 to the low of $0.1266. The price has struggled to reclaim the $0.1300 level following an initial rebound attempt, reinforcing a bearish outlook in the near term.
A bearish trend line is evident on the hourly chart, with resistance forming at $0.1340. Sellers have consistently emerged around the $0.1300 level, solidifying this figure as a key resistance point. Should Dogecoin manage to recover, immediate resistance is anticipated around the $0.1325 level, with the first major resistance target positioned at $0.1340.
If the cryptocurrency can break through this resistance, the subsequent zone to watch is near the $0.1400 mark, which corresponds with the 50% Fibonacci retracement level. A close above this threshold could potentially propel the price toward $0.1450 and beyond, with $0.1500 being a significant target for buyers.
On the downside, initial support is found near the $0.1280 level, followed by the next support area at $0.1250. The primary support level sits at $0.1200, and a drop below this could lead to further declines toward $0.1050 or even $0.1000.
After reaching lows near $0.1290, Dogecoin began to show signs of stabilization as selling pressure eased, with subsequent trading sessions reflecting reduced volume and shorter downside movements. However, upside momentum remains constrained as sellers continue to defend the $0.1300 level.
The short-term direction for Dogecoin hinges on its ability to maintain trading above the support zone of $0.1290 to $0.1280. Prolonged trading below this range could expose the next support band at $0.1250, whereas successfully reclaiming the $0.1300 mark could signal a shift in momentum away from the current bearish trend.
