DOGE Falls 6.88% to $0.22 Amid High-Volume Selloff
Technical Analysis Overview
DOGE declined 6.88% from $0.24 to $0.22 on August 12. The sell-off peaked at 07:00 on August 11, with a price drop from $0.238 to $0.233 on a volume of 485.69M, which is 31% above the daily average. This establishes $0.238 as a significant resistance level.
Buyers entered at $0.226 during the 11:00 session, driving 793.38M in volume. Secondary resistance formed at $0.231, preventing further rallies. In the final hour, DOGE traded between $0.2247 and $0.2253 with reduced volume, indicating potential seller exhaustion.
News Background
The selloff occurred amid broader weakness in digital assets due to regulatory uncertainties and global trade tensions, impacting risk sentiment. Tariff disputes among major economies and central banks' policy shifts contributed to institutional de-risking in crypto holdings.
Price Action Summary
- DOGE fell 6.88% from $0.24 to $0.22 from August 11 01:00 to August 12 00:00
- $0.238 resistance confirmed after 07:00 selling climax on 485.69M volume
- $0.226 support attracted 793.38M in buy-side flows; $0.231 secondary resistance limited rebounds
- Final hour trades ranged tightly between $0.2247 and $0.2253 with declining volume
Market Analysis and Economic Factors
Profit-taking by whales and institutions at $0.238 led to a breakdown below $0.23, necessitating retests of $0.226. Support buying was visible during high-volume spikes, but rejections near $0.231 kept DOGE under pressure. Thinning volume at lows suggests potential base-building, though macro headwinds may test $0.22 again.
Technical Indicators Analysis
- Resistance levels: $0.238 (high-volume rejection), $0.231 (secondary cap)
- Support levels: $0.226 initial defense, $0.2247-$0.2249 intraday floor
- 24-hour range showed 7.89% volatility
- Volume compression near lows indicates potential seller fatigue
- Multiple failed breakouts above $0.231 highlight supply zone overhead
What Traders Are Watching
- Retest of $0.22 and buyer flows at key support
- Breakout attempts above $0.231 for recovery potential
- Impact of macro headlines on meme coin sentiment
- Signs of renewed whale accumulation post-selling climax