Dogecoin Rebounds Sharply After Sharp Drop, Signs of Recovery Emerging
Dogecoin showed strong resilience after a sharp intraday sell-off that pushed the popular memecoin to its lowest levels in weeks.
The sudden decline, triggered by global economic uncertainty and geopolitical tensions, drove DOGE down to $0.151. However, robust buying interest emerged quickly at this level, with trading volume spiking to 828 million units during the sell-off.
Since hitting this low, DOGE has stabilized around $0.157, forming higher lows and hinting at a potential bottom.
Market Overview
- Crypto markets remain under pressure amid escalating global economic risks, including trade disputes and tighter monetary policies.
- Dogecoin, a key indicator of retail investor sentiment, experienced sharp volatility but on-chain data shows continued accumulation.
- Analysts view $0.151 as a crucial support following the recent 8% drop.
- Inflation concerns and central bank actions continue to influence market swings.
- The bounce from recent lows could attract traders seeking signs of a sustained recovery.
Price Action Summary
On June 21 during the 21:00 hour, DOGE plunged sharply from $0.164 to $0.151 on a volume surge to 828 million — the highest in over a week. This capitulation point marked a significant shift, with buyers quickly stepping in.
DOGE has since bounced back to around $0.157, consolidating gains and showing signs of stability. The coin has formed higher lows recently, including a volume spike of nearly 8 million units at 06:57, indicating renewed buying interest. Technical analysis points to immediate resistance between $0.157 and $0.160, with solid support around $0.151.
Technical Insights
- DOGE’s 24-hour range spanned 7.9%, dropping from $0.164 to $0.151.
- The 21:00 capitulation saw volume surge to 828 million, reinforcing $0.151 as key support.
- Prices have rebounded to $0.157 and are consolidating.
- The formation of higher lows suggests accumulation by buyers.
- Resistance lies between $0.157 and $0.160, with a break above $0.160 needed for bullish confirmation.
- Support at $0.151 remains strong, backed by high-volume buying and a V-shaped recovery pattern.
- The MACD has turned positive, while the RSI sits neutral near 48, indicating potential upside if momentum picks up.
