Dogecoin Slides 5.5% as $0.19 Support Cracks on Volume Spike

Dogecoin experienced a significant decline of 5.5%, dropping to $0.1843 after breaking below the critical support level of $0.1940. This sharp decrease was accompanied by a notable surge in trading volume, which increased by 180%, signaling significant selling pressure influenced by institutional investors. The immediate concern for traders is whether Dogecoin can stabilize above $0.18 to avoid further declines. On the trading day, Dogecoin fluctuated within a range of $0.0174, marking a 9.4% intraday volatility as market participants reacted to leveraged position unwinding following repeated resistance attempts. Despite the recent losses, Dogecoin has recorded a 43% gain year-to-date. Analysts observe a fragile technical profile post-break, focusing on whether the coin can maintain its ground above $0.1840 and resist a drop to support levels at $0.1765. Current resistance is noted at $0.1950, with a more significant challenge at $0.218 for bullish traders aiming to regain lost momentum.

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