Dogecoin has fallen below short-term support, focusing on lower demand areas! Dogecoin dropped slightly by 1.8% on Sunday, sliding from an intraday high of $0.1341 to $0.1323, failing to maintain gains above $0.135, with sellers regaining control. Market Overview:
Trading volume surged to 721 million during the decline, exceeding the 24h average by 150%, indicating that the market is actively adjusting positions rather than volatility caused by insufficient liquidity. Technical Analysis:
DOGE has lost the key support at $0.1320, which had previously supported multiple retracements. The lower boundary of the short-term upward channel has broken, confirming a moderate rebound deviation, with a lower high of $0.1352 reinforcing a bearish bias. Price Trend Summary:
Failed to hold at $0.135, resistance selling pressure evident; increased volume shows distribution signs; testing lower lows after breaking $0.1320; stabilizing at $0.1323 at the end, but no strong rebound; overall controlled selling rather than panic selling. Trader's Note:
$0.1320 now turns into resistance, and if lost, look towards the $0.1280-$0.1290 demand area, which aligns with the consolidation range and may attract buying on dips.
Upside requires reclaiming $0.1320, then $0.1350 to neutralize the bearish outlook.
Current position is weak, consolidating downwards, watch if the volume supports reversal signals. Dogecoin is under short-term pressure, what do you think?