DOGE falls below a key short-term floor, testing bulls’ resolve near the $0.18 level amid renewed selling pressure.
Dogecoin (DOGE) fell 5.5% in the last 24 hours, breaking below the critical $0.1940 support zone as selling pressure intensified. The move came alongside a sharp rise in trading volume, indicating a potential shift in market sentiment as traders reassess risk ahead of November’s key macro data releases.
DOGE is now hovering around $0.1847, marking its lowest daily close in over three weeks. The chart shows the price dipping below the green demand band, which has historically served as a reliable rebound zone since late May.
This breakdown follows multiple failed attempts to reclaim the $0.22 resistance area, suggesting fading bullish momentum. BitXJournal Analysts note that the volume spike on the latest red candle could signify panic selling or a liquidation-driven move — a pattern that has preceded short-term bounces in past corrections.
If Dogecoin fails to stabilize above $0.18, the next downside target lies near $0.1650–$0.17, aligning with the lower boundary of the current accumulation range. Conversely, a daily close back above $0.1950 could invalidate the breakdown and open the door for a recovery toward $0.21–$0.22.
Despite the pullback, on-chain activity and address growth remain steady, hinting that long-term holders are not exiting the market aggressively. “Dogecoin’s structure remains within a mid-term consolidation pattern, but losing $0.18 on volume could shift control back to bears in the short run,” BitXJournal analyst noted.
With momentum weakening and market volatility rising, the $0.18 level now serves as a crucial battleground for Dogecoin traders. A rebound here could confirm local accumulation, while a sustained break lower risks accelerating losses toward mid-2025 lows.
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.