Dogecoin (DOGE) Price News: Slides 7.5% to $0.18, Triggering Technical Breakdown

Dogecoin (DOGE) experienced a significant decline of 7.5%, dropping to $0.18, which has raised concerns regarding its market structure. Traders noted that DOGE fell by 6.8% in a single day, breaking below the $0.18 support level due to heavy whale outflows and increased trading activity, including large transactions exceeding $29 million, particularly a transfer to Binance. The price volatility marked one of the highest trading activities this month, with a 44% jump above the seven-day average. Following this, DOGE's inability to recover above critical support levels suggests a shift towards a bearish distribution phase. Moving forward, traders are focused on whether DOGE can maintain the $0.18 base amidst heavy selling pressure and possible further declines towards the $0.166 area if the current situation does not improve.

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