Meme coin faces significant technical resistance at 19 cents level amid institutional distribution.
What to know:
Dogecoin's price fell 12.5% in 24 hours amid tensions between Donald Trump and Elon Musk.
Heavy selling pressure occurred between 16:00-20:00, with trading volume spiking to over 1 billion units.
Resistance is now at $0.190, with support forming at $0.169-$0.170, as the market remains volatile.
Dogecoin DOGE
$0.17574
experienced a dramatic 12.5% decline over the past 24 hours, plunging
from 19 cents to 16 cents as tensions between President Donald Trump and
technology entrepreneur Elon Musk weighed down on crypto markets.
News Background
Dogecoin’s latest plunge comes against a backdrop of risk-off sentiment.
Elon
Musk — long known as a Dogecoin backer — said recently that the
non-governmental Department of Government Efficiency (DOGE) would cease
to exist as its work was deemed complete, cutting out a speculative
catalyst that has oft impacted DOGE prices.Meanwhile, Musk’s
public clash with former President Donald Trump over various economic
and policy issues has drawn attention, adding another layer of intrigue
to Dogecoin’s fortunes.While Musk’s support once propelled DOGE
to dizzying heights, the token now faces the test of sustaining
momentum amid shifting sentiment and global trade tensions.
As
institutional investors reposition ahead of anticipated monetary policy
shifts, DOGE’s future hinges on its ability to reclaim key resistance
levels and rebuild trader confidence amid persistent volatility.
Price-Action
The
sell-off was punctuated by heavy selling pressure during the
16:00-20:00 timeframe, with trading volume spiking to over 1 billion
units — nearly five times the daily average — suggesting institutional
distribution rather than retail panic.
The sell-off coincides with
mounting global trade disputes that have weighed heavily on risk
assets, including cryptocurrencies. While some modest stabilization has
emerged in the 17 cents area, the technical picture remains challenging.
The $0.190 level has now become a formidable resistance zone, with
price action showing only tentative signs of recovery amid persistent
market caution.
Technical Analysis Recap
DOGE collapsed from $0.193 to $0.169, a 12.5% decline.
Most intense selling occurred between 16:00-20:00, with volume exceeding 1 billion units — nearly 5x the average.
Resistance formed at $0.190, with cascading sell orders rejecting multiple recovery attempts.
Support established at $0.169-$0.170, with substantial buying interest creating a high-volume support zone.
Price action has stabilized in the $0.171-$0.172 range, with modest accumulation patterns observed.
Specific buying pressure emerged at 01:23, 01:34, and 01:50, briefly pushing price toward $0.172.
A consolidation pattern is forming above the critical $0.169-$0.170 support zone, though risk remains elevated.