#Dogecoin ($DOGE ) fell by 11% in the last 24 hours, dropping from $0.26 to $0.24. The trading session was accompanied by sharp volatility and increased selling volumes.
Over 2.26 billion tokens are in circulation, marking the highest level in recent weeks.
Key Reasons for the Decline
Analysts link the price decline to aggressive selling by large institutional investors. After several weeks of growth, many funds decided to take profits, which intensified price pressure.
The overall weakness of the crypto market also played a role. Against the backdrop of Bitcoin and Ethereum's correction, altcoins, including #DOGE , faced a massive outflow of capital.
Technical Picture
During trading, DOGE briefly held support near $0.23. However, attempts to break through the resistance level of $0.25 were unsuccessful. The trading closed nearly at session lows, signaling ongoing selling pressure.
Technical indicators confirm a negative sentiment. The Relative Strength Index (RSI) has fallen below 45, indicating a weakening of buying interest. If the $0.23 level does not hold, the next support zone is at $0.21.
The Role of Institutional Investors
Dogecoin has long attracted the attention of major players due to its high liquidity and popularity among retail investors. However, large sell-offs create sharp price fluctuations. Analysts note that the current decline is a result of hedging tactics and profit-taking amid overall market instability.
Market and Prospects
DOGE's trading volume over the last 24 hours exceeded $540 million, which is 35% above average daily levels. The increase in trading activity indicates heightened speculative dynamics.
Some experts believe that DOGE could recover with Bitcoin stabilizing, which continues to trade above $118,000. However, short-term price pressure remains.
What's Next?
If Dogecoin holds support at $0.23, the market may see a rebound to $0.25–0.27. However, a break below $0.23 will open the way for a test of $0.21. Investors continue to monitor the activity of large wallets, which remains a key factor in DOGE's volatility.
