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

Dogecoin (DOGE) has experienced a significant decline, sliding 7.5% to $0.18, as it broke below the crucial support level amidst heavy whale activity and increased trading volume. On-chain data indicated that over $29 million in large transactions occurred, including a notable $26.8 million transfer to Binance. The trading activity rose by 44% compared to the seven-day average, marking one of the largest single-day volumes this month. Following the price drop, DOGE has shown a series of lower highs, highlighting a potential shift towards a distribution phase, leading to a bearish sentiment. Current support is noted around $0.1780–$0.1800, while traders are monitoring the ability of DOGE to hold this base. Relief rallies may encounter resistance, and there's an observable skepticism regarding further near-term recovery as derivatives data suggests lesser engagement from leveraged traders. The overall market landscape is fragile despite some expectations for a quarter-four rally.

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