Dogecoin (DOGE) Price: Sharp Selloff Pushes Meme Coin Below Key Support Level

TLDR

• Dogecoin dropped 5.5% in 24 hours, falling from $0.1367 to $0.1291 as selling pressure increased across the crypto market
• The price broke below the critical $0.1370 support level with trading volume surging 267% above average to 1.63 billion tokens
• DOGE is currently trading below $0.1300 and the 100-hourly simple moving average, with a bearish trend line forming at $0.1340
• The cryptocurrency formed a low near $0.1266 and is struggling to reclaim the $0.1300 resistance level
• Short-term price direction depends on holding above the $0.1290-$0.1280 support zone, with potential decline to $0.1050 if support breaks

Dogecoin experienced a sharp decline over the past 24 hours, dropping 5.5% as selling pressure intensified across the crypto market. The price fell from $0.1367 to $0.1291, breaking through multiple support levels.

The selloff came during a period of weaker risk sentiment and thinner liquidity conditions. While no single event triggered the decline, the move coincided with continued rotation out of speculative assets.

Trading volume surged during the selloff, reaching 1.63 billion tokens. This represented roughly 267% above average volume, confirming the move was driven by large flows rather than passive drift.

The price pushed through the $0.1350 and $0.1340 support levels before breaking below $0.1300. A session low formed near $0.1266 as the decline continued.

Dogecoin is now trading below the 100-hourly simple moving average. The price remains below the 23.6% Fibonacci retracement level of the downward move from the $0.1530 swing high to the $0.1266 low.

Price failed to reclaim $0.1300 on the first rebound attempt. This failure keeps the near-term structure tilted to the downside, even as momentum indicators begin to stabilize.

A bearish trend line has formed on the hourly chart with resistance at $0.1340. Sellers continue to appear near $0.1300, keeping the price capped and confirming this level as immediate resistance.

Resistance Levels Ahead

If Dogecoin attempts a recovery, immediate resistance sits near the $0.1325 level. The first major resistance for buyers is located at $0.1340.

The next resistance zone is near $0.1400, which aligns with the 50% Fibonacci retracement level. A close above $0.1400 might push the price toward $0.1450.

Further gains could send the price toward $0.1500, with the next major target at $0.1550 for buyers.

Support Zones Below Current Price

On the downside, initial support sits near the $0.1280 level. The next support zone is located at $0.1250.

The main support area is at $0.1200. A break below this level could trigger further declines toward $0.1050 or even $0.10 in the near term.

After reaching session lows near $0.1290, Dogecoin began to stabilize as selling pressure tapered. Subsequent candles showed reduced volume and shorter downside extensions.

Intraday price action has started to form higher lows from the $0.1290 base. However, upside follow-through remains limited as sellers continue to defend the $0.1300 level.

The short-term direction depends on whether Dogecoin can hold above the $0.1290-$0.1280 zone. Sustained trading below this area would expose the next support band near $0.1250, while a successful reclaim of $0.1300 would be the first signal that downside momentum is easing.

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