Dogecoin Establishes Support at $0.158 After 6% Price Decline
Dogecoin is showing signs of recovery after a nearly 6% decline due to profit-taking. Buying interest emerged at $0.158, establishing a short-term support zone amid geopolitical tension and economic uncertainty.
News Background
- Global markets are volatile due to tensions between major economies and changing monetary policies.
- DOGE's pullback aligns with a risk-off sentiment in digital assets; some traders view the dip as an opportunity.
- Renewed social buzz and technical setups suggest potential price rebounds.
- Analysts focus on volume-backed support at $0.158 for future sessions.
Price Action
DOGE traded between $0.167 and $0.158 over 24 hours, ending with a late-session recovery to $0.161. Major selling occurred until 13:00 UTC, followed by consolidation.
229M DOGE were traded during the 01:00 hour, aiding recovery to $0.161 by session end. The asset rose 1.47% from $0.159 to $0.161, supported by increased volume of 4.7M during the breakout.
Technical Analysis Recap
- DOGE declined 5.7% from $0.167 to $0.158 in 24 hours
- Consolidation and modest recovery began post-13:00
- High sell volume of 425M DOGE at 13:00
- Buying interest at $0.158 with 229M DOGE traded
- DOGE closed at $0.161 with a late gain of 1.47%
- Breakout above $0.161 confirmed with 4.7M DOGE traded
- Support established at $0.161 after brief consolidation