Dogecoin Drops After Breaching Key Support, Eyes $0.115 for Stability
Dogecoin (DOGE) slumped sharply as Bitcoin’s pullback sparked risk-off sentiment, breaking a critical support level and raising questions over whether the memecoin is stabilizing or entering a deeper corrective phase.
Price Action
DOGE fell below $0.1218 on heavy volume, turning a previous support level into near-term resistance. The token briefly tested $0.115 before bouncing to $0.116, suggesting some buying interest remains at lower levels. However, the broader technical structure remains vulnerable unless DOGE can reclaim $0.1218.
The 7% drop, from $0.1245 to $0.1162, mirrors broader crypto weakness, with high-beta memecoins underperforming major cryptocurrencies. The move was driven by market-wide caution rather than any DOGE-specific news.
On-Chain Insights
Blockchain data showed a marked decline in large DOGE transactions, indicating that larger holders were stepping back as the price approached key support zones.
Technical Outlook
- $0.1218 now acts as resistance; rallies may encounter selling pressure.
- The $0.115–$0.12 range will be critical in determining near-term direction.
- A hold above $0.115 could allow DOGE to stabilize, while a break below risks a slide toward $0.108–$0.10.
For now, DOGE remains a high-beta play tied closely to Bitcoin, with technical levels—rather than headlines—guiding its trajectory.
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