Dogecoin experienced a sharp 10% drop followed by an equally sudden bounce, as large institutional trades fueled extreme volatility. Traders are watching key resistance zones closely for the next move.
Dogecoin’s price fell nearly 10% within a 24-hour window, declining from $0.21 to $0.19 between July 14 and 15. The move was marked by significant volume spikes—735 million and 704 million DOGE—well above the 24-hour average of 415 million, indicating heavy institutional participation.
The strongest selling pressure occurred in two main sessions: 14:00–15:00 and 01:00–03:00 UTC. However, the market rebounded during the final trading hour, with DOGE climbing 0.84% to $0.1939. This upward push was supported by back-to-back bursts of 22.6 million and 19 million DOGE traded in minutes.
The initial selloff was triggered by mounting concern over delays in crypto ETF approvals and renewed U.S. regulatory scrutiny on centralized exchanges. At the same time, speculation about fast-tracked ETF options for high-volume tokens like DOGE and XRP led to aggressive accumulation near session lows by large players.
Technical analysis confirmed a breakdown with lower highs and lower lows, pushing DOGE to a $0.19 session bottom. A recovery attempt breached $0.1930 resistance, signaling a potential reversal, though the structure remains fragile. Key resistance lies between $0.1960 and $0.1980, with bulls needing to reclaim $0.200 to regain momentum.
Institutional wallets and futures positioning remain under the microscope. Analysts warn that rejection at $0.196 or low follow-through volume could trigger a fresh leg downward toward $0.188. Sustained inflows above 400 million DOGE in volume are seen as necessary to confirm trend reversal.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: coindesk.com.