Dogecoin Slides 11% Amid Heavy Institutional Selling, Eyes Turn to $0.23 Support
Dogecoin (DOGE) dropped 11% over the July 23–24 session, falling from $0.26 to $0.24 as significant institutional selling pressure hit the market. Despite a brief bounce from the $0.23 level, recovery attempts were consistently capped at the $0.24–$0.25 resistance range, underscoring fragile sentiment and ongoing downside risk.
Trading volume spiked above 2.26 billion DOGE during the pullback—one of the largest in recent weeks—fueled by large wallet exits and broader weakness across altcoins. The token briefly found support around $0.23 late in the session, but lack of follow-through raises concerns of a deeper correction.
Market Snapshot
- Price Action: DOGE declined from $0.26 to $0.24 (-11%) in 24 hours ending July 24, 05:00 GMT
- Intraday Volatility: 12% range driven by high-volume liquidation events
- Sell Pressure: Concentrated between 13:00–17:00 GMT, rejecting $0.25 repeatedly
- Support Levels: Temporary base at $0.23; break below could target $0.21
- Resistance: $0.24–$0.25 remains key barrier for near-term recovery
Broader Context
The move comes as altcoins face renewed pressure from macroeconomic uncertainty and investor caution, with several large-cap tokens also seeing outflows. Earlier optimism tied to Bit Origin’s treasury allocation to DOGE faded quickly as institutional participants began trimming exposure.
Technical exhaustion, combined with the breakdown of support levels, contributed to a wave of liquidations and forced selling.
Technical Outlook
- Resistance: Firm rejection at $0.25 on high volume; short-term ceiling remains
- Support: $0.23 is pivotal; a breach could open the door to $0.21
- Indicators: Hourly RSI deep in oversold territory with no confirmed bullish divergence
- Volume Profile: Suggests institutional exit rather than retail capitulation
What Traders Are Watching
The $0.23 level is being closely monitored as a key pivot point. A sustained breakdown could accelerate losses, while a reclaim of $0.25 with volume could offer a relief bounce. With elevated volatility and large wallet activity in focus, DOGE’s next move may mirror broader market sentiment.
