Dogecoin Recovers to $0.157 After 8% Drop and High Volume
Dogecoin (DOGE) is showing signs of recovery after a significant drop to $0.151. Strong buyer interest emerged, with trading volume reaching 828 million units. DOGE has since stabilized around $0.157, indicating potential support and higher lows.
News Background
- Global economic pressures have negatively impacted crypto markets.
- DOGE experienced heavy selling but on-chain data shows stable network activity and accumulation signs.
- $0.151 is identified as crucial support after an 8% decline.
- Central banks express inflation concerns, affecting crypto market reactions.
- DOGE’s recovery could attract short-term traders.
Price Action
DOGE fell from $0.164 to $0.151 on June 21, with a volume spike to 828 million, marking a capitulation. A modest recovery followed, with current pricing at $0.157, forming a consolidation zone. Recent sessions show higher lows and a breakout attempt with volume peaking at nearly 8 million units.
Technical Analysis Recap
- DOGE saw a 7.9% price range over 24 hours, dropping from $0.164 to $0.151.
- The capitulation event confirmed $0.151 as major support.
- Current price consolidation at $0.157 on declining volatility.
- Higher lows indicate an early accumulation pattern.
- Resistance at $0.157–$0.160; a close above $0.160 needed for breakout confirmation.
- Support at $0.151 reinforced by high volume and a V-shaped bounce.
- MACD turning positive; RSI neutral at ~48, indicating potential upside momentum.