Dogecoin is down over the past 24 hours as selling pressure pushed the token below a key support level near $0.129, with high volume confirming a breakout of its recent consolidation range.
Market Overview
- DOGE fell approximately 0.3% during the 24-hour period ending December 22, trading down from $0.1309 to $0.1305 after failing to hold the support that had contained the price action for several sessions.
- While the percentage movement was modest, intraday volatility reached approximately 4%, reflecting increased sensitivity around nearby technical levels.
- Commercial activity picked up significantly during the session. Added volume increased markedly, with turnover well above recent averages as price tested both the upper and lower limits of its range. Initial strength saw DOGE briefly rally towards $0.134 before sellers emerged, reinforcing that level as short-term resistance.
Technical analysis
- The technical picture deteriorated during the early hours in the US and Asia as DOGE lost ground near $0.1289, a level that had repeatedly attracted buyers in recent sessions.
- The crash occurred alongside a sharp increase in volume, suggesting active participation rather than a drift of low liquidity.
- The most decisive move came shortly after 02:00 UTC, when the price fell from the $0.132 area towards $0.130 in a concentrated burst of selling.
- That move marked a clear breakout from the previous consolidation structure and turned former support into resistance.
- On shorter time frames, DOGE is now trading below its immediate moving averages, with momentum indicators leaning lower rather than showing divergence.
- Attempts to recover towards $0.132 have so far found selling interest, maintaining downward pressure.
Price Action Summary
- DOGE traded between approximately $0.134 and $0.130 during the session
- Volume increased well above recent norms during the bankruptcy phase.
- A brief rally early in the session failed near the $0.134 resistance.
- The late selling pushed the price below $0.129 before stabilizing near $0.130.
Despite some stabilization near current levels, the price has yet to recover the previous low range.
What traders should keep in mind
- Between $0.132 and $0.134 now acts as upper resistance after the collapse
- $0.129 is the first level to watch on the downside; a sustained loss could open the door to further weakness
- A quick recovery to $0.129-$0.130 on increasing volume would be needed to neutralize the bearish setup.
- Continued high volume without follow-through to the upside would strengthen the case for the consolidation to resolve to the downside.
For now, DOGE remains in a technically vulnerable position, with sellers monitoring the bounces and buyers showing limited conviction above previous support.
