DOGE breaks below a critical range, raising fresh technical concerns for traders
Dogecoin is showing renewed weakness after slipping below a key technical support near $0.129, a level that had previously held price declines in check. The breakdown occurred despite several rebound attempts, highlighting growing selling pressure and placing DOGE in a technically vulnerable position in the near term.
Dogecoin Price Action Signals Breakdown
DOGE traded lower over the past 24 hours, declining roughly 0.3% as price moved from $0.1309 to $0.1305. While the percentage move may appear modest, intraday volatility expanded to nearly 4%, suggesting heightened uncertainty and aggressive positioning on both sides of the market.
More importantly, the move below range support around $0.129 marks a shift in structure. Increased trading volume during the decline adds weight to the breakdown, indicating that sellers were active rather than price drifting lower on low participation.
Technical Structure Turns Fragile
Dogecoin is now trading below a former demand zone that had supported price for several weeks. Once lost, this area often acts as overhead resistance, making recovery attempts more challenging.
Recent price behavior also reflects a sequence of lower highs and lower lows, reinforcing bearish momentum. While brief rebounds have occurred, they have consistently attracted selling interest, preventing sustained upside progress.
As long as DOGE remains below the broken support, downside risks persist. A failure to reclaim this zone could expose price to deeper pullbacks toward lower liquidity areas. Conversely, a decisive move back above former range support would be needed to stabilize sentiment and reduce near-term downside pressure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.