Dogecoin Takes a Midnight Dive — Is a Reversal on the Horizon?
Dogecoin had a rough night.
In the early hours of May 30, the memecoin tumbled over 10%, slipping from $0.226 to $0.202 in a fast-paced sell-off that lit up the charts. The crash, which unfolded around midnight, was accompanied by a spike in trading volume to 1.18 billion, suggesting a wave of reactive selling amid broader market unease.
Since then, DOGE has managed to steady itself — for now. It’s trading in a tight range between $0.202 and $0.206, with neither bulls nor bears clearly in control. The consolidation comes after a brutal slide and may hint at a market trying to catch its breath.
Some traders are eyeing a potential double-bottom pattern, a bullish formation that could pave the way for a recovery — but only if Dogecoin can punch through the $0.217 resistance that has capped recent price action. A successful breakout there could open the door for a push toward $0.25.
So far, though, every rebound attempt has been underwhelming. A small bounce around 09:45 AM brought DOGE back to $0.205, but on light volume — hardly a convincing comeback.
Interestingly, traders aren’t backing off. Open interest in DOGE derivatives rose 2.89% to $2.71 billion, indicating that many are still betting big on where Dogecoin goes next — up or down.
Market Snapshot:
- Drop: DOGE fell 10.6% from $0.226 to $0.202.
- Volume surge hit 1.18B during the midnight drop.
- Current range: $0.202–$0.206 with resistance at $0.217.
- Signs of a double-bottom? Maybe. But bulls need volume.
- Derivatives open interest climbed nearly 3%, hinting at more action ahead.
Dogecoin’s path forward hinges on what comes next: a decisive breakout above resistance — or another leg down if buyers fail to step up. Either way, traders are buckled in.
