Dogecoin's Decline: Support Levels Tested as Prices Drop

Dogecoin edged lower over the past 24 hours, as selling pressure pushed the token below a key support level near $0.129, with elevated volume confirming a breakdown from its recent consolidation range.

DOGE slipped roughly 0.3% over the 24-hour period ending December 22, trading down from $0.1309 to $0.1305 after failing to hold support that had contained price action for several sessions. Intraday volatility reached roughly 4%, reflecting increased sensitivity around nearby technical levels.

Trading activity picked up notably during the session, with aggregate volume rising sharply, well above recent averages as price tested both the upper and lower bounds of its range. Early strength carried DOGE briefly higher toward $0.134 before sellers emerged, reinforcing that level as near-term resistance.

The technical picture deteriorated during U.S. and early Asian hours as DOGE lost footing near $0.1289, a level that had repeatedly attracted buyers in recent sessions. The breakdown occurred alongside a sharp increase in volume, suggesting active participation rather than low-liquidity drift.

The most decisive move came shortly after 02:00 UTC, when price slid from the $0.132 area toward $0.130 on a concentrated burst of selling, marking a clear exit from the prior consolidation structure and flipping former support into resistance.

On shorter timeframes, DOGE now trades below its immediate moving averages, with momentum indicators leaning lower rather than showing divergence. Attempts to rebound toward $0.132 have so far met selling interest, keeping pressure on the downside.

DOGE traded between roughly $0.134 and $0.130 during the session, with volume surging to well above recent norms during the breakdown phase. A brief rally early in the session failed near $0.134 resistance, and late-session selling pushed price below $0.129 before stabilizing near $0.130.

Despite some stabilization near current levels, the price has not yet reclaimed the former range floor. Traders should watch $0.132 and $0.134 now acting as overhead resistance following the breakdown, with $0.129 being the first level to watch on the downside; a sustained loss could open the door to further weakness.

A quick reclaim of $0.129 or $0.130 on rising volume would be needed to neutralize the bearish setup. Continued elevated volume without upside follow-through would reinforce the case for consolidation resolving lower.

For now, DOGE remains in a technically vulnerable position, with sellers controlling rebounds and buyers showing limited conviction above former support. According to CoinDesk, this decline reflects ongoing challenges faced by the broader meme coin market.