In a whirlwind of activity, Dogecoin (DOGE) encountered a sharp 6.88% tumble over the past 24 hours, sending shockwaves through the crypto community. From a previous high of $0.24, DOGE now hovers precariously near the $0.22 support level, following a high-volume selloff that spurred significant market movements. The heaviest sell-off struck on August 11 at 07:00, when DOGE’s price slipped from $0.238 to $0.233, with an overwhelming 485.69 million in trading volume—significantly surpassing the daily average.
A Stormy Market Climate
The abrupt downturn in DOGE reflects a broader unease sweeping through digital asset markets. Regulatory uncertainties and escalating global trade tensions have investors on edge, with major economies locked in tariff disputes that rattle multinational supply chains. Central banks, hinting at possible policy shifts, only add to the uncertainty, prompting institutional players to reassess their crypto holdings. According to crypto analyst Jenna Marks, “This isn’t just about DOGE. The entire crypto ecosystem is in a state of flux, and traders are naturally skittish.”
Buyers, however, showed resilience at the $0.226 level during the 11:00 session, where a remarkable 793.38 million in buy-side volume was recorded. Yet, attempts to rally past $0.231 repeatedly faltered, establishing a secondary resistance. As the day wound down, DOGE found itself range-bound between $0.2247 and $0.2253, with a notable dip in trading volume signaling potential exhaustion among sellers. This follows a pattern seen in Dogecoin Price Slips, Fueling Unusual 25,341% Liquidation Imbalance, highlighting the volatility in the market.
Navigating the Resistance and Support
The $0.238 mark has solidified as a formidable resistance point. Profit-taking by whales and institutions around this level triggered a significant breakdown below $0.23, setting in motion a series of retests at $0.226. While substantial buying activity at this support level suggests some confidence among traders, the repeated inability to break past $0.231 casts a shadow on the path to recovery. Interestingly, the current RSI levels are reminiscent of those that triggered a previous rally, as discussed in Dogecoin Price Is Approaching 4HR RSI Level That Triggered Previous 70% Rally.
Volume compression near session lows might hint at a base-building phase, though it’s too early to say for sure. “It’s a critical juncture,” says crypto strategist Leo Tan. “If DOGE can sustain buyer interest and break through $0.231, we might see a rebound. But with macroeconomic headwinds, the $0.22 support will be crucial.”
Looking Forward
Traders and analysts are now fixated on several key indicators. They are watching closely to see if DOGE can sustain its footing at the $0.22 support, and whether renewed buying interest will emerge. Breakout attempts above $0.231 will be critical in assessing the potential for recovery, while broader meme coin sentiment remains at the mercy of macroeconomic news.
For now, the market remains on edge. The recent selloff has raised questions about the sustainability of current price levels, and whether DOGE can withstand the pressure from external factors. As the crypto world watches intently, the next few days could prove pivotal for DOGE’s trajectory—raising the stakes for traders and investors alike.
Source
This article is based on: Sharp 7% Drop Sends DOGE Toward 22-Cents Support on High-Volume Selloff
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
