Dogecoin DOGE, the popular meme cryptocurrency, endured a rough night as it plunged over 10% in a sudden sell-off that rattled markets.
The drop — from $0.226 to $0.202 — occurred around midnight, coinciding with a surge in trading volume to 1.18 billion, highlighting a scramble among traders reacting to broader market jitters.
While DOGE managed a modest bounce from its lows, it remains stuck in a consolidation pattern between $0.202 and $0.206. This suggests the market is taking a breather after the initial shock, but traders remain cautious, with volatility tapering off and no decisive direction emerging.
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Technical analysis shows DOGE testing multiple support levels during the crash before establishing a key resistance at $0.217. A potential double-bottom pattern may be forming, giving some hope to bulls eyeing a breakout toward $0.25 if DOGE can gather enough momentum to push past that resistance.
Open interest in DOGE derivatives climbed 2.89% to $2.71 billion, indicating traders are positioning for the next big move. Whether that move is up or down is still an open question, as mixed sentiment prevails across the market.
Technical Analysis
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- DOGE dropped from $0.226 to $0.202, a sharp 10.6% decline.
- The most intense selling came at midnight (00:00), with a 5.5% plunge on exceptional volume.
- Key resistance has formed at $0.217, with broken support levels below.
- Consolidation between $0.202 and $0.206 signals market indecision.
- A brief recovery between 09:43 and 09:56 saw DOGE inching back to $0.205, but on low volume.
- Open interest growth points to traders bracing for a potential volatility spike.
As the dust settles, traders and investors alike will be watching closely for signs of a sustained rebound — or a deeper decline — in the hours ahead.
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