Dogecoin Faces Renewed Selling Pressure Amid Broader Crypto Uncertainty
The Dogecoin (DOGE) market saw a modest decline of 3% in the past 24 hours, falling near the $0.20 mark, as traders assess the impact of recent market volatility and shifting sentiment across the crypto sector. Technical indicators suggest that Dogecoin is currently testing a critical support zone, while selling momentum continues to weigh on short-term price action.
On the daily chart, DOGE has retreated after failing to maintain gains above $0.25, with price action now consolidating between $0.18 and $0.22 — a region historically known for heavy accumulation. If this support breaks, analysts warn a potential retracement toward $0.17 could emerge, extending the recent bearish correction.
According to data compiled by BitXJournal, trading volume has risen by over 80% compared to the previous week, signaling heightened volatility. BITX Market observers note that this surge in activity may be linked to broader liquidations across the altcoin market following Bitcoin’s brief correction from its recent highs.
Technical analyst Arjun Patel commented that Dogecoin’s current structure shows a descending resistance trendline, similar to the one that preceded its spring breakout earlier this year. “Dogecoin is at a decision point,” Patel said. “If it can hold above $0.20 and reclaim $0.23 in the next few sessions, it could reestablish a bullish reversal pattern. Otherwise, sellers could regain control.”
The Relative Strength Index (RSI) remains near neutral levels, suggesting neither overbought nor oversold conditions, but the moving averages are beginning to converge downward, which could indicate short-term weakness.
Broader crypto sentiment remains cautious following last week’s $20 billion liquidation event that shook the market. While major assets like Bitcoin and Ethereum have stabilized, memecoins such as Dogecoin and PEPE continue to show outsized price swings.
Dogecoin’s immediate outlook depends on whether bulls can defend the $0.18–$0.20 zone — a key level that has historically triggered strong rebounds.
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.