As Bitcoin fell below $112,000, DOGE dropped over 5%, dragging the memecoin down to the mid-support level around $0.196.
The chart shows steady selling pressure, with both RSI and OBV pointing bearish, and it may retest the $0.21 support level.
CoinGlass heatmap highlights a liquidity cluster at $0.207, but buyers may intervene in the $0.20 to $0.21 range for a potential rebound.
On Monday, August 25, Dogecoin (DOGE) dropped over 5% as Bitcoin's weakness dragged the overall cryptocurrency market lower. With BTC falling below $112,000, Dogecoin's chart suggests greater bearish pressure ahead.
Dogecoin is experiencing wide fluctuations.
Since March, Dogecoin's trading price has been fluctuating between $0.142 and $0.25, struggling to break free from this consolidation pattern. In July, bulls attempted to break through resistance, but Bitcoin's drop from $120,000 to $114,700 quickly interrupted their efforts.
As of the time of writing, Dogecoin (DOGE) price is hovering around the median level of $0.196. Overall trading volume is close to the lows seen in early August, reflecting ongoing selling pressure. The Relative Strength Index (RSI) has also declined, indicating that momentum has shifted back to the bears.
Pressure has been increasing this week.
The week started unfavorably for altcoins, with the overall market capitalization dropping by about 4%. Dogecoin (DOGE) failed to hold at $0.224, which had been a 75% support level within its long-term range. If bearish momentum continues, it may test $0.21 again.
Just a week ago, Dogecoin rebounded from this area but eventually stalled at $0.241—a stubborn short-term resistance level. Failing to convert it into support allowed bears to temporarily take control.
The heatmap shows issues near $0.207.
CoinGlass data shows that $0.24 is a strong liquidity magnet, which triggered a recent bearish reversal once surged. The next significant liquidity cluster is at a lower level, close to $0.207. This position is slightly below the bullish order block shown on the hourly chart, leaving room for further declines.
Nevertheless, a retest of the $0.20 to $0.21 area may still be constructive. If buyers return to that demand area, Dogecoin has a chance to stabilize and may even rebound later this week.
