ETF Hype Can’t Save Dogecoin as Price Drops to Fresh Lower Lows

Dogecoin Breaks Support as ETF Hype Clashes With Bearish Technical Setup

Dogecoin slid lower on Wednesday as technical weakness overpowered rising network activity and renewed optimism around upcoming spot DOGE ETFs. Despite improving fundamentals, the price structure continues to tilt decisively bearish.

Market Overview
DOGE’s pullback comes even as network participation rises. The meme coin registered 71,589 active addresses, its highest level since September, signaling growing user engagement. Meanwhile, 21Shares and Grayscale advanced their filings for spot Dogecoin ETFs, fueling expectations that meme assets could soon gain broader institutional access.

Even so, these positive developments have not translated into stronger bid support. Whale activity remains subdued relative to November, and ETF-related flows have yet to accelerate. With broader crypto sentiment leaning risk-off, the market has prioritized DOGE’s deteriorating technical posture over its improving on-chain footprint.

Technical Breakdown
The move lower was decisive and clearly driven by larger players. DOGE failed to reclaim $0.1522, with each test showing weaker upside volume — a classic signal of fading buyer conviction. When the $0.1487 support level finally gave way, trading activity surged. Three consecutive hourly candles exceeded 400 million DOGE in volume, underscoring institutional or algorithmic selling rather than retail-driven pressure.

Price action formed a descending triangle, with lower highs compressing into a flat support zone. The eventual breakdown fits this structure and suggests continuation unless buyers reclaim the $0.1487–$0.1510 region. Despite rising active addresses, momentum indicators offer no signs of reversal: RSI continues to drift lower, and trend models remain firmly bearish.

Price Action Summary
DOGE dropped from $0.1522 to $0.1477, a 3% slide within a tight $0.0070 intraday range. Volume during the breakdown surged to 830.7 million DOGE, roughly 174% above the 24-hour average. Attempts to bounce toward $0.1483 were immediately absorbed by sellers, with 14.4M-volume spikes repeatedly rejected. Price action now sits in a shallow consolidation at the lower end of the breakdown zone, keeping downward pressure intact.