Dogecoin Faces Pressure as Institutional Selling Intensifies
- Dogecoin (DOGE) slipped by 3% over the weekend, trading between $0.204 and $0.197.
- A significant volume of 818 million DOGE was traded at 15:00 UTC, nearly three times the daily average.
- Resistance was noted around the $0.20 mark, with support levels identified between $0.194 and $0.196.
- The final hour of trading saw an additional decline of 1%, confirming programmatic liquidation below the resistance level.
- Traders are monitoring for stabilization near the $0.195 support level, with a potential short-cover rally if DOGE reclaims above $0.201.
The recent decline in Dogecoin’s price is attributed to institutional desks unwinding risk amid macroeconomic stress and regulatory concerns from pending U.S Treasury rules affecting crypto allocations.
As DOGE trades near critical support at $0.197, failure to hold above $0.194 could lead to further declines toward last month’s structural base at $0.187.
