Dogecoin faced a sharp selloff in the latest trading session, falling 11% from $0.26 to $0.24 as institutional traders appeared to unwind positions. The decline follows growing signs of crypto market fragility, compounded by macroeconomic headwinds and risk-off sentiment.
DOGE Price Action: Failed Breakout and Steep Sell Pressure
Between July 23 and 24, DOGE traded within a wide 12.06% intraday range, from a session high of $0.26 to a low of $0.23 before closing near $0.24.
Selloffs intensified between 13:00 and 17:00 GMT, as Dogecoin repeatedly failed to reclaim the $0.25 resistance level amid surging volumes exceeding 2.26 billion tokens.
The final hour of the session saw a further 1.45% drop, confirming continued downside pressure. Price momentarily bounced at $0.23, signaling visible accumulation, but all recovery attempts stalled at $0.24–$0.25, a now-confirmed resistance zone.
Technical Breakdown: Support and Resistance Levels in Focus
Analysis of DOGE’s price structure shows that $0.25 has emerged as firm resistance, validated by multiple rejection wicks during peak volume spikes.
The $0.23 level is now key support—a breakdown below this could trigger further declines toward $0.21.
Technical indicators show exhaustion, with liquidation-driven moves dominating during the final stretch of the session. Elevated volatility in the $0.032 range reflects increased uncertainty and lack of buyer conviction.
Institutional Activity and Broader Market Sentiment
Analysts attribute the pullback to profit-taking by large holders, mirroring trends across altcoins. Recent hawkish policy signals and global trade tension have intensified macroeconomic stress, contributing to risk aversion in crypto markets.
Earlier bullish momentum from Bit Origin’s treasury announcement faded quickly as institutional players began to exit—suggesting short-lived speculative optimism.
Conclusion: Bearish Momentum May Persist If $0.23 Breaks
Dogecoin’s 11% plunge, driven by high volume exits and failed breakout attempts, signals growing technical and sentiment-driven pressure.
Support at $0.23 will be crucial in the coming sessions. If breached, the drawdown may deepen, targeting the next major support near $0.21.
For now, DOGE remains under pressure, with institutional risk-off behavior and macro factors weighing on recovery prospects.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.