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Dogecoin Nosedives 10% in Late-Night Rout, Market Eyes Key Support Levels
Dogecoin faced a harsh blow overnight, sliding over 10% in a rapid sell-off that unfolded just after midnight, as traders dumped positions amid growing market uncertainty.
The popular memecoin dropped from $0.226 to $0.202, with the most aggressive selling pressure hitting precisely at 00:00, accompanied by a spike in trading volume to 1.18 billion. The abrupt move caught many off guard and highlighted a surge in short-term panic across the broader crypto market.
Although Dogecoin has since clawed back slightly, recovering to the $0.205 range by mid-morning, the price remains confined to a tight consolidation zone between $0.202 and $0.206. The lack of decisive follow-through from buyers suggests the market is still digesting the overnight volatility.
Technical indicators point to a potential double-bottom formation—a bullish pattern that could materialize if DOGE can establish a base and rally through resistance at $0.217. A breakout above that level could reignite bullish momentum, possibly setting the stage for a run toward $0.25.
So far, however, that resistance has held. DOGE briefly tested it during the day but failed to sustain gains, with recovery attempts occurring on low volume—an indication that confidence remains shaky.
Meanwhile, open interest in DOGE derivatives rose by 2.89% to $2.71 billion, signaling that traders are not backing away from the volatility but are instead preparing for another significant move, in either direction.
Technical Snapshot:
- Price dropped 10.6% from $0.226 to $0.202.
- Peak selling occurred at midnight, coinciding with a spike in volume.
- Resistance is now firm at $0.217; consolidation continues below it.
- Signs of a possible double-bottom may be forming, but confirmation is lacking.
- Open interest growth suggests traders are staying active ahead of the next breakout or breakdown.
Dogecoin’s fate now hinges on whether bulls can reclaim momentum or if bears will drive prices lower. Either way, the next 24–48 hours could prove pivotal for the memecoin’s short-term trajectory.
