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Dogecoin faced a sharp overnight selloff, tumbling from $0.27 to $0.25 during the September 21–22 session as institutional traders offloaded positions on record volume exceeding 2.15 billion tokens—well above the 24-hour average of 344.8 million.
The midnight rout erased key support levels and established fresh resistance zones, leaving DOGE consolidating around $0.25 as traders monitor whether the token will recover or continue lower.
Market Context
- DOGE declined 7% over the 24-hour period ending September 22, sliding from $0.27 to $0.25.
- The most intense selling occurred overnight, with a drop from $0.26 to $0.25 on record 2.15 billion volume.
- Analysts highlighted a “1-2 pattern” formation, historically associated with DOGE breakouts toward $0.28–$0.30.
Price Action Summary
- DOGE’s intraday range spanned $0.02 (≈8%), between a high of $0.27 and a low of $0.25.
- Resistance solidified near $0.27 after repeated rejections.
- Institutional support emerged around $0.25, anchoring DOGE above this level during recovery attempts.
- In the final hour (01:14–02:13), DOGE traded in a narrow $0.25–$0.25 channel, showing early signs of accumulation with volume spikes at 01:25 and 02:03.
Technical Analysis
- Record 2.15B tokens traded during the midnight selloff confirms significant institutional activity.
- Support at $0.25 is key; a breach could open the path to $0.23.
- Resistance sits at $0.27, with potential upside targets at $0.28–$0.30 if buying pressure resumes.
- Volume spikes during recovery attempts suggest potential bottoming interest.
- Technicians note a recurring “1-2 setup”, consistent with prior DOGE rally structures.
Traders’ Focus
- Can $0.25 hold as durable support after record liquidation flows?
- How institutional positioning reacts near the $0.28–$0.30 resistance band if recovery gains traction.
- Follow-through volumes in upcoming sessions to determine whether accumulation or further distribution dominates.
- Broader market sentiment influenced by ETF delays and ongoing regulatory uncertainty.
