NewsBTC
Sep 23, 2025
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Dogecoin Drops 9.5% Amid Double Top Formation Concerns

Dogecoin experienced a sharp sell-off, dropping to $0.238. The coin lost 9.5% in the last 24 hours and about 8% over the week, with increased volatility catching traders by surprise.

Market Analysis

  • A double top pattern was identified, with failed attempts to rise above $0.27 before dropping to $0.238.
  • Resistance is at $0.27; a close above $0.28 could weaken the bearish outlook.

Alternative Perspectives

  • Some analysts highlight a retest of a descending trendline, suggesting potential momentum toward $0.30 or higher if support holds at $0.24–$0.25.

On-Chain Data and Market Activity

  • MVRV has climbed but remains below previous highs.
  • 24-hour trading volume surged to $4.7 billion, indicating aggressive activity.
  • Market cap stands near $36 billion, with a volume-to-market-cap ratio of 13.04%.

ETF Influence

  • Speculation around ETFs could drive Dogecoin back to $0.45 if it regains the $0.27–$0.28 level.