Key Support at $0.0030 Holds Amid Post-Selloff Consolidation
Dogecoin (DOG) experienced a sharp 7% decline in the latest trading session, falling toward the $0.0030 support zone after a wave of high-volume selling. The drop came as traders engaged in heavy distribution, pushing the memecoin lower before price action stabilized near a key demand area.
The selloff was marked by above-average trading volumes, highlighting an intensified battle between bulls and bears. For now, buyers have managed to defend the green support band between $0.0030 and $0.0031, preventing a deeper slide.
The 4-hour chart shows DOG emerging from a descending channel in late June, triggering a strong rally into early August before momentum faded at the $0.0040 resistance zone. This red-marked area has repeatedly acted as a supply wall, capping bullish moves.
Following the rejection, DOG retraced rapidly into its primary support zone, where demand historically strengthened. The current consolidation suggests traders are waiting for a clear breakout signal before committing to new positions.
“The recent selloff reset overbought conditions,” noted BITX technical analyst. “If volume picks up on a move above $0.0035, we could see a test of the upper resistance band.”
For bulls, holding $0.0030 is crucial to maintain market structure and avoid a slide toward the $0.0027–$0.0028 region. On the upside, a decisive close above $0.0039 would shift momentum back in favor of buyers, potentially paving the way toward $0.0043 and higher.
With volatility elevated and volume patterns showing active participation, DOG remains in focus for short-term traders tracking breakout opportunities within this defined support-resistance range.
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.
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