DOGE is testing critical demand zones while trading volume spikes, raising concerns about further downside.
Dogecoin (DOGE) has come under renewed selling pressure, slipping to $0.0028 after a sharp rejection near the $0.0035–$0.0040 resistance area. The move has triggered a wave of stop-loss orders, with daily trading volume reaching $49.7 million, signaling heightened market activity.
The 4-hour chart shows DOGE struggling to maintain its green support zone around $0.0027–$0.0029. This region has historically acted as a demand base, cushioning declines in June and late July.
If this zone breaks decisively, the next major support sits closer to $0.0024, marking the lower boundary of its recent trading range. On the upside, resistance is building near $0.0035–$0.0040, where repeated profit-taking has capped bullish attempts.
“Dogecoin is trapped in a classic range-bound structure. Buyers are stepping in at $0.0028, but strong sell walls above $0.0035 are preventing a clean breakout,” According to BITX .
Trend outlook
Earlier in June, DOGE broke out of a descending channel formation, sparking optimism among traders. However, momentum quickly faded as sellers regained control at higher levels. Since then, the asset has been locked in sideways consolidation, with volume spikes reflecting aggressive positioning by both bulls and bears.
Dogecoin is once again at a make-or-break support level. Sustained buying above $0.0028 could stabilize price action and invite a retest of the $0.0035 resistance zone. However, a decisive breakdown risks accelerating losses toward $0.0024, a level that would test buyer conviction.
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.