Dogecoin breaks short-term support, eyes lower demand zone

• Dogecoin fell 1.8% as sellers regained control, with price drifting toward the lower end of its recent range.
• Trading volume surged to 721 million tokens, indicating active repositioning rather than thin price movement.
• DOGE lost support near $0.1320, confirming a bearish short-term bias as it failed to sustain gains above $0.135.

Dogecoin edged lower during Sunday’s session after failing to hold short-term support, with elevated volume suggesting sellers are regaining control as price drifts toward the lower end of its recent range.

Market overview

DOGE fell about 1.8% over the past 24 hours, sliding from an intraday high near $0.1341 to trade around $0.1323. The move followed a failed recovery attempt above $0.135, where selling pressure re-emerged and capped upside momentum.

Trading activity picked up notably during the decline. Volume rose to roughly 721 million tokens around the session peak, about 150% above the 24-hour average, indicating active repositioning rather than thin, low-liquidity price movement.

Technical analysis

The key technical development was DOGE’s loss of support near $0.1320, a level that had held during several prior pullbacks. Once that area gave way, price drifted toward session lows with limited follow-through buying.

On intraday charts, DOGE also slipped below the lower boundary of a short-term ascending channel, confirming a shift away from the modest recovery structure that had formed late last week. The rejection near $0.1352 established a lower high, reinforcing the bearish short-term bias.

Price action summary

• DOGE failed to sustain gains above $0.135, meeting selling interest at resistance
• Volume expanded sharply during the rejection, pointing to distribution
• Price slipped below $0.1320, a level that had acted as near-term support
• Late-session trade stabilized near $0.1323, but without a strong rebound

Overall, price action reflected controlled selling rather than panic, though momentum remains tilted lower.

What traders should watch

With $0.1320 now acting as overhead resistance, attention shifts to whether DOGE can stabilize above the next demand area near $0.1280–$0.1290. That zone aligns with prior consolidation and could attract dip-buying interest if selling pressure eases.

On the upside, DOGE would need to reclaim $0.1320 and then $0.1350 to neutralize the current bearish structure. Until then, rallies are likely to face supply from traders looking to exit positions on strength.

For now, DOGE remains in a fragile technical position, with price action suggesting a consolidation-to-lower pattern rather than a confirmed reversal.

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• VanEck data shows that in the past 30 days bitcoin’s hashrate dropped by the most since April 2024
• Hashrate declines are historically aligned with miner capitulation and markets closer to local bottoms than tops.
• According to VanEck, periods of negative 90-day hashrate growth have delivered positive 180-day bitcoin returns 77% of the time.

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