Dogecoin Slides 11% Amid Heavy Institutional Selling; Key Support at $0.23 in Play
Dogecoin (DOGE) experienced a sharp 11% drop from $0.26 to $0.24 during the July 23–24 session, pressured by increased institutional outflows and a spike in trading volume. The memecoin briefly found support at $0.23 but failed to regain momentum, with multiple upside attempts stalling at the $0.24–$0.25 range.
Trading volume surged to over 2.26 billion DOGE during the decline — one of the highest spikes in recent weeks — as traders reacted to broader market weakness and technical breakdowns.
Key Takeaways
- Price Action: DOGE fell 11% in 24 hours, with the bulk of losses between 13:00–17:00 GMT.
- Support Zone: A temporary floor formed at $0.23, though upside was capped at $0.24–$0.25.
- Intraday Volatility: DOGE saw a 12.06% price swing, reflecting aggressive selling activity.
- Final Hour Pressure: The last trading hour saw another 1.45% dip on a 30M+ volume spike.
Market Drivers
The broader altcoin market remains vulnerable amid continued macro uncertainty and profit-taking by large holders. DOGE initially showed promise following Bit Origin’s treasury-related announcement earlier this month, but institutional selloffs quickly eroded bullish momentum.
Technical Picture
- Resistance: $0.25 has been confirmed as a strong resistance level with repeated rejections.
- Support: $0.23 is now the critical level to watch; a breakdown could open the door to $0.21.
- RSI: The hourly relative strength index is deeply oversold but lacks confirmation of a rebound.
- Volume Profile: Elevated selling volume and liquidation data point to institutional exits, not retail panic.
What’s Next for Traders
Traders are watching DOGE’s response to the $0.23 level as a pivot point. A sustained breakdown could lead to further losses, while reclaiming $0.25 with strong volume may signal a potential reversal. For now, volatility remains elevated, with whale wallets likely to influence short-term price direction.
