Dogecoin drifted back toward $0.125 as renewed selling pressure pushed the token through near-term support, leaving price action compressed around a level traders are closely monitoring for signs of stabilization after a swift breakdown.
The decline unfolded against a broader pullback in crypto markets, where liquidation activity picked up and risk appetite weakened, particularly among high-beta assets. Meme coins were hit hardest, with traders cutting exposure and driving volumes higher even as prices continued to slide.
DOGE-specific flows pointed to active repositioning rather than a lack of interest. Trading activity remained elevated, suggesting participants were adjusting positions amid heightened volatility. Short-term traders continued to sell into rebounds, while longer-term buyers stayed on the sidelines awaiting clearer confirmation of a base.
Over the 24-hour period through Jan. 23, Dogecoin fell from $0.1271 to $0.1250, breaking below the $0.1254 support level on heavy volume. The decisive move occurred during the U.S. session, when volume surged to 556 million tokens — roughly 124% above the 24-hour average — driving prices to a session low of $0.1233.
The breakdown reinforced a broader bearish structure, with DOGE carving out a series of lower highs and lower lows. Resistance has now solidified in the $0.1260–$0.1270 zone, where sellers have repeatedly capped recovery attempts.
On shorter timeframes, DOGE attempted a brief rebound late in the session, bouncing from $0.1245 to $0.1253 as volume spiked and price briefly broke an intraday downtrend line. The move failed to attract follow-through, and prices slipped back into consolidation near $0.1250, signaling the bounce was driven more by short covering than fresh buying.
Momentum remains weak on higher timeframes, while shorter-term indicators are edging toward oversold territory — a mix that often leads to choppy, sideways trading rather than an immediate trend reversal.
Price action summary
- DOGE declined from $0.1271 to $0.1250, down roughly 1.7%
- Heavy selling below $0.1254 drove price to a low of $0.1233
- A short-lived rebound lifted DOGE to $0.1253 before stalling
- Price settled near $0.1250 as volatility compressed into the close
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