Dogecoin plunges by 7% in one day

Dogecoin DOGE $0.23 Binance-Peg Dogecoin -0.95% Market capitalization $0.59 billion VOL. 24 hours $0.28 billion fell by 6.88% overnight, dropping from $ 0.24 to $ 0.22 as of August 12. The greatest selling pressure was recorded on August 11 at 07:00, when the price dropped from $ 0.238 to $ 0.233 on a trading volume of 485.69 million tokens, which is 31% higher than the daily average of 371.45 million. The level of $ 0.238 has become a key resistance, according to CoinDesk.

Buyers stepped in at $ 0.226 during the 11:00 a.m. session, generating a volume of 793.38 million. Secondary resistance formed at $ 0.231 after several failed attempts at growth. In the last hour of trading, DOGE fluctuated in a narrow range of $ 0.2247−0.2253 amid declining volumes, which may indicate seller fatigue.

The decline occurred amid general weakness in the crypto market caused by regulatory uncertainty and global trade tensions. Escalating tariff disputes in leading economies are putting pressure on international supply chains, and signals from central banks about possible changes in monetary policy are forcing institutional investors to reduce risk positions.

Analysis shows that profit-taking by major players at $ 0.238 set a bearish tone for the session, causing a breakdown below $ 0.23 and repeated tests of support at $ 0.226. Although buying volumes were recorded at these levels, multiple bounces limited to $ 0.231 did not allow the price to gain a foothold higher.

The decline in volumes near the lows may indicate the formation of a local base, but macroeconomic risks keep the probability of a retest of $ 0.22 high. Traders are watching the reaction of buyers at this support, possible breakouts above $ 0.231, and signs of a return of large investors after a wave of selling.