"Dogecoin (DOGE) breaks below key support…Sell orders surge, weakening short-term structure"
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Summary
- It said analysis shows Dogecoin (DOGE) weakened its short-term price structure after breaking below a key support zone.
- It said volume indicators show trading volume surged when support was breached, suggesting the possibility of stop-loss orders and the unwinding of leveraged positions.
- It said with the $0.137 support level turning into resistance, whether $0.137 is reclaimed and whether support in the $0.125 area holds are key variables that will determine the near-term direction.
An analysis says Dogecoin (DOGE) has weakened its short-term price structure after breaking below a key support zone.
According to EtherNews, a cryptocurrency-focused outlet, on the 19th Dogecoin recently turned lower after repeatedly failing to break through resistance in the $0.137–$0.138 range. The repeated pullbacks from that zone undermined the short-term trend, and as selling pressure accelerated, the price was pushed down to around $0.125. Some buying later came in, and the coin is showing a tentative stabilization around $0.127–$0.128.
The price action suggests sustained downside pressure within a pattern of lower highs. The latest low formed at $0.125, and while a short-term rebound emerged from that area, the recovery remained limited. The market is currently seen as a phase in which buying and selling are in balance near the lows.
Volume indicators also support the nature of this decline. Trading volume spiked at the same time the support level was breached, suggesting that stop-loss orders and the unwinding of leveraged positions occurred simultaneously rather than a gradual taking of profits. As the price has since moved sideways near the lows, volume has cooled, confirming a loss of short-term momentum.
Dogecoin is now in a short-term consolidation phase following the sharp drop. With the former support around $0.137 now turning into resistance, key near-term variables will be whether that level can be reclaimed and whether support in the $0.125 area holds.
As of 6:24 p.m. that day, Dogecoin was trading at $0.1279 on Binance, down about 6.9% on the day.
