Dogecoin dropped sharply overnight, sliding from $0.27 to $0.25 as institutional traders offloaded positions on record volume of 2.15 billion tokens, nearly six times the 24-hour average of 344.8 million.
The selloff erased key support levels and created new resistance zones, leaving DOGE consolidating around $0.25 as market participants monitor whether the token will rebound or continue lower.
Market Overview
- DOGE declined 7% over the 24-hour period ending September 22.
- The sharp overnight dip from $0.26 to $0.25 was accompanied by record trading volume of 2.15B tokens, signaling heavy institutional activity.
- Analysts highlight a recurring “1-2 pattern”, historically preceding breakouts toward $0.28–$0.30.
Price Action Summary
- DOGE’s intraday range spanned $0.02 (≈8%), from a high of $0.27 to a low of $0.25.
- Resistance consolidated near $0.27 after repeated rejection attempts.
- Support emerged around $0.25, preventing a deeper selloff during recovery attempts.
- In the final hour (01:14–02:13), DOGE traded in a narrow $0.25–$0.25 channel, with volume spikes at 01:25 and 02:03 suggesting early accumulation.
Technical Analysis
- Record 2.15B tokens traded overnight confirm strong institutional involvement.
- Key support at $0.25 remains critical; a breakdown could extend the decline toward $0.23.
- Resistance lies at $0.27, with potential upside targets at $0.28–$0.30 if buying momentum returns.
- Volume spikes during recovery attempts indicate potential bottoming.
- Technicians recognize the recurring “1-2 pattern”, consistent with DOGE’s prior rally structures.
Traders’ Focus
- Can $0.25 hold as durable support following record liquidation flows?
- Will institutional positioning near $0.28–$0.30 trigger a breakout if recovery gains traction?
- Follow-through volume in upcoming sessions to determine whether accumulation or further distribution dominates.
- Broader market sentiment is affected by ETF delays and ongoing regulatory uncertainty.
