Dogecoin Slips Below $0.20 as Selling Pressure Intensifies
Dogecoin (DOGE) extended losses on Monday, falling 5% amid a sharp rise in trading volume that signaled renewed downside pressure across the meme coin sector.
Key Developments
DOGE dropped from $0.21 to $0.1985 over a 24-hour period ending August 5 at 20:00, with price action confined to a $0.013 range between $0.211 and $0.198. The largest single-hour drop came at 14:00, when price fell from $0.205 to $0.199 on a surge of 877.9 million in volume — more than three times its 24-hour average of 268.85 million.
The coin closed the session near its lows following a failed recovery attempt, indicating persistent selling. A secondary flush occurred at 19:51, pushing price to $0.1975 on 19.04 million volume — nearly 70x the hourly average — before a mild rebound to $0.1985 into the close.
Market Context
DOGE’s decline follows a wave of risk-off sentiment triggered by $223 million in weekly outflows from crypto ETFs, according to CoinShares. Hawkish rhetoric from the Federal Reserve, rising geopolitical friction, and pressure in commodities markets have collectively weighed on investor appetite for high-volatility assets.
The meme coin sector, in particular, has struggled to attract fresh inflows, with retail participation softening and major holders rotating out of positions.
Technical Overview
- DOGE traded between $0.198 and $0.211 during the session
- Breakdown below $0.205 confirmed by high volume selloff
- Final-hour volume spike suggests further liquidation pressure
- Immediate resistance now stands at $0.205
- Key support rests at $0.198; break below opens door to $0.185
Outlook
The short-term trend remains bearish unless DOGE can reclaim $0.205 on meaningful volume. Price continues to react sharply to downside triggers, while rebounds remain shallow and volume-light. Failure to hold the $0.198 level may lead to further declines toward $0.185 — a key historical support zone.
What Traders Are Watching
- Whether DOGE can stabilize above $0.198
- A potential reclaim of $0.205 to shift short-term structure
- Broader macro sentiment and its impact on crypto flows
- Signs of accumulation or renewed activity in meme coin space
Until momentum shifts and DOGE breaks above resistance with conviction, sellers are likely to remain in control.
