Dogecoin slid back toward $0.125 as renewed selling pressure pushed the token below short-term support, leaving prices anchored near a level traders are watching for signs of stabilization following a sharp breakdown.
The move came alongside broader weakness across crypto markets, where liquidation activity increased and risk appetite faded, particularly in high-beta assets. Meme coins bore the brunt of the selling as traders reduced exposure, driving volumes higher even as prices drifted lower.
Flow data for DOGE pointed to active repositioning rather than a quiet pullback. Elevated trading activity suggested traders were adjusting exposure amid recent volatility, with short-term participants continuing to sell into rallies while longer-term buyers remained sidelined, waiting for clearer evidence of a base.
Over the 24 hours through Jan. 23, Dogecoin fell from $0.1271 to $0.1250, breaking below the $0.1254 support level on heavy volume. The decisive leg lower unfolded during the U.S. session, when volume surged to 556 million tokens — roughly 124% above the 24-hour average — pushing prices to a session low of $0.1233.
The breakdown reinforced a broader bearish structure, with DOGE printing successive lower highs and lower lows. Resistance is now firmly established between $0.1260 and $0.1270, where sellers have repeatedly capped recent rebound attempts.
On shorter timeframes, DOGE staged a brief rebound late in the session, bouncing from $0.1245 to $0.1253 as volume spiked and price briefly broke an intraday downtrend. The move failed to gain traction, however, and prices slipped back into consolidation near $0.1250, indicating the bounce was driven more by short covering than fresh demand.
Momentum remains weak on higher timeframes, while shorter-term indicators are beginning to show oversold conditions — a setup that often results in choppy consolidation rather than an immediate reversal.
Price action summary
- DOGE declined from $0.1271 to $0.1250, down about 1.7%
- Heavy selling below $0.1254 drove price to a low of $0.1233
- A brief rebound lifted DOGE to $0.1253 before stalling
- Price settled near $0.1250 as volatility compressed into the close
