Dogecoin slipped back toward $0.125 as renewed selling pressure dragged the token below near-term support, leaving prices anchored around a level traders are watching for signs of stabilization after a sharp breakdown.
The decline came amid broader weakness across crypto markets, where liquidation activity picked up and risk appetite faded, particularly in high-beta assets. Meme coins were among the hardest hit as traders trimmed exposure, driving trading volumes higher even as prices continued to drift lower.
DOGE-specific flows pointed to active repositioning rather than a lack of interest. Elevated volumes suggested market participants were adjusting positions in response to recent volatility, with short-term traders continuing to sell into rallies while longer-term buyers remained cautious and on the sidelines.
Over the 24 hours through Jan. 23, Dogecoin fell from $0.1271 to $0.1250, breaking below the $0.1254 support level on heavy volume. The decisive move lower unfolded during the U.S. session, when trading volume surged to 556 million tokens — roughly 124% above the 24-hour average — pushing prices to a session low of $0.1233.
The breakdown reinforced a bearish technical structure, with DOGE registering a series of lower highs and lower lows. Resistance is now clearly defined in the $0.1260–$0.1270 range, where sellers have repeatedly capped recovery attempts in recent sessions.
On shorter timeframes, DOGE attempted a brief rebound late in the session, bouncing from $0.1245 to $0.1253 as volume spiked and price briefly broke an intraday downtrend. The move failed to attract follow-through, however, and DOGE slipped back into consolidation near $0.1250, indicating the bounce was driven largely by short covering rather than fresh demand.
Momentum indicators remain weak on higher timeframes, even as shorter-term charts begin to show oversold conditions — a setup that often results in choppy, sideways trading rather than an immediate reversal.
Price action summary
- DOGE declined from $0.1271 to $0.1250, down roughly 1.7%
- Heavy selling below $0.1254 pushed prices to a low of $0.1233
- A brief rebound lifted DOGE to $0.1253 before stalling
- Price settled near $0.1250 as volatility compressed into the close
