Dogecoin Breaks Key Support as Selling Volume Surges

Dogecoin (DOGE) slipped below a critical short-term support level on Sunday, with a significant spike in trading volume indicating that sellers are regaining control. According to CoinDesk data, the price action suggests active repositioning by traders rather than a simple drift on thin liquidity.

Sellers Take Control Below $0.1320

The meme-inspired cryptocurrency fell about 1.8% over the past 24 hours to trade near $0.1323. The key technical event was the loss of support around $0.1320, a level that had previously propped up the price during several pullbacks. The drop followed a failed attempt to sustain gains above $0.135, where selling pressure re-emerged, confirming a short-term bearish bias.

What's notable is the surge in activity during the decline. Trading volume rose to roughly 721 million tokens, about 150% above the 24-hour average. This elevated volume suggests that the move lower is backed by conviction from sellers, pointing to distribution rather than a lack of buying interest.

What Traders Should Watch Now

With the former support at $0.1320 now acting as overhead resistance, attention shifts to the next potential demand zone between $0.1280 and $0.1290. This area, which aligns with prior price consolidation, could attract dip-buyers if the selling pressure subsides.

To neutralize the current bearish structure, Dogecoin would need to reclaim $0.1320 and subsequently push past $0.1350. Until that happens, any rallies are likely to be viewed as opportunities for traders to exit positions on strength.