DOGE Price News: What Next as Dogecoin Falls 5%

Dogecoin (DOGE) has experienced a significant decline, falling 5% to $0.16, breaking critical support levels amidst heavy selling pressure primarily from institutional investors. The token struggled to maintain the $0.18 psychological level and traded within a volatile range. Factors contributing to this decline include an increase in trading volume, particularly noted at 20:00 GMT, where it surpassed daily averages. On-chain data revealed $440 million in DOGE outflows from major wallets. The price briefly dipped to $0.1528 before attempting to stabilize, with recovery efforts facing resistance around $0.1700. Currently, DOGE is in a bearish pattern characterized by lower highs and lower lows. Traders are eyeing the $0.1550–$0.1555 region as short-term support, with a breakdown below potentially leading to further declines. Conversely, a recovery above $0.1630–$0.1650 is deemed necessary to challenge the recent resistance levels and signal potential upward movement.

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