Dogecoin Trading Update

Dogecoin experienced a sharp decline during the July 23–24 trading session, dropping 11% from $0.26 to $0.24 amid persistent institutional sell pressure and extreme volatility.

Trading volumes surged past 2.26 billion tokens during the selloff window, marking one of the highest activity spikes in recent weeks. Analysts attributed this movement to broader crypto market fragility and profit-taking from large holders. Despite a brief bounce off the $0.23 level, DOGE failed to reclaim resistance at $0.25, closing near session lows and raising the risk of continued downside pressure.

What to Know

• Price Decline: DOGE dropped 11% from $0.26 to $0.24 during the 24-hour session ending July 24 at 05:00 GMT.
• Intraday Volatility: An intraday range of $0.032 marked 12.06% volatility, driven by intense selling pressure.
• Selloff Timing: Selloffs concentrated from 13:00–17:00 GMT as DOGE rejected $0.25 with volumes exceeding 2.26 billion tokens.
• Final Hour Drop: The last hour saw an additional 1.45% drop from $0.24 to $0.24, confirming continued weakness.
• Support Level: Support briefly formed at $0.23 but failed to sustain a recovery.

News Background

Market sentiment across altcoins remains fragile due to macroeconomic concerns, especially regarding global trade tensions and a hawkish policy tone, which exacerbate risk-off flows. DOGE saw brief bullish speculation after Bit Origin’s treasury announcement earlier in the month, but momentum quickly faded as institutional players began unwinding positions. Analysts noted technical exhaustion and the breakdown of trendline support as triggers for the latest decline.

Price Action Summary

DOGE traded within a 12% intraday range from $0.26 to $0.24. Most of the drawdown occurred between 13:00 and 17:00 GMT on July 23, with multiple rejection wicks at the $0.25 level during high sell volumes. A significant breakdown occurred during the final trading hour between 04:48 and 05:47 GMT, as the token dropped an additional 1.45% on a sharp volume spike exceeding 30 million tokens between 05:04 and 05:07. Although the price temporarily bounced at $0.23, it was unable to reclaim key resistance.

Technical Analysis

• According to CoinDesk Research’s technical analysis model, $0.25 has been established as firm resistance following multiple rejection candles on large volume.
• The final hour showed strong rejection in the $0.24-$0.24 range with elevated liquidation activity.
• $0.23 is now the key support to monitor; a breach could extend the drawdown to $0.21.
• The hourly RSI remains in oversold territory but lacks confirmation of bullish divergence.
• The volume profile indicates that exits are driven by institutional players rather than retail panic.

What Traders Are Watching

Traders are closely monitoring DOGE’s behavior around the $0.23 level as a critical pivot for short-term direction. A failure to hold this level could open up downside toward $0.21, while reclaiming $0.25 on volume may suggest reversal potential. Volatility remains elevated, and whale activity is expected to continue driving intraday swings.