Dogecoin Slides 5.5% as Support Cracks on Volume Spike

Dogecoin recently fell 5.5% to $0.1843 after breaking below the crucial $0.1940 support level, driven by institutional selling that overwhelmed buyers. This decline was marked by a significant surge in trading volume, which increased by 180%, highlighting strong distribution pressure within the crypto market. The fall from $0.1951 to $0.1843 occurred amid a volatile intraday range of $0.0174, with market participants reducing leveraged positions in response to repeated rejections at resistance levels. Despite a brief stabilization attempt near $0.1765, selling pressure is a concern for traders now monitoring whether Dogecoin can maintain a base above $0.1840 to avoid further declines. Analysts note that a sustained reclaim above $0.1950 is necessary to neutralize immediate bearish sentiment, while resistance remains at $0.218. Overall, the technical outlook for Dogecoin appears fragile as it faces significant upward hurdles following this drop.

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