Dogecoin Slides After Breaking Key Support, Traders Eye $0.115 for Stability
Dogecoin (DOGE) dropped sharply as Bitcoin’s pullback triggered risk-off sentiment, breaking a critical support level and prompting questions over whether the memecoin is stabilizing or entering a deeper correction.
Market Moves
The token fell below $0.1218 on heavy volume, a level that had served as short-term support, turning it into near-term resistance. DOGE briefly found a floor around $0.115, producing a short-term bounce to $0.116, but the structure remains fragile unless the cryptocurrency can reclaim the former support.
The decline mirrors broader crypto weakness, with memecoins underperforming major tokens. The move was not driven by DOGE-specific news but by risk-off positioning, as traders reassessed exposure to high-beta assets.
On-Chain Trends
Data from the blockchain indicated a sharp drop in large DOGE transactions, suggesting reduced participation from bigger players as price approached key support levels.
Technical Overview
- DOGE broke decisively below $0.1218, triggering accelerated selling.
- A brief flush tested $0.115, where buyers provided short-term support.
- The former support at $0.1218 now acts as resistance, likely limiting rallies in the near term.
Traders are watching the $0.115–$0.12 range closely. A hold above $0.115 could allow DOGE to stabilize and attempt a range rebuild. Bulls would need to reclaim $0.1218 and then $0.125 to signal that the recent drop is corrective rather than structural.
If $0.115 fails, downside risk opens toward $0.108–$0.10, with momentum likely to accelerate as remaining support levels are breached.
For now, DOGE remains a high-beta trade, closely tied to Bitcoin’s movements, with technical levels driving market direction rather than narratives.
