Dogecoin Wicks Below Key Support — Fakeout or Start of Larger Correction?

Source: CryptoNewsNet Original Title: Dogecoin Wicks Below Key Support — Fakeout or Start of Larger Correction? Original Link: https://cryptonews.net/news/analytics/32075700/

News Background

• DOGE fell from $0.1387 to $0.1358 as selling pressure intensified during broader market weakness
• Volume surged to 854M, approximately 180% above its daily average, during the breakdown phase
• Intraday lows reached $0.1322 before buyers stepped in, reversing momentum late in the session
• Whale activity dropped to two-month lows, shifting near-term direction toward technical drivers rather than on-chain behavior
• Market correlation increased as risk assets faced synchronized pressure, amplifying DOGE’s initial decline

Technical Analysis

Breaking below $0.1350 marked a meaningful technical failure, completing a short-term bearish reversal after weeks of consolidating above ascending trend support. The breakdown unfolded with textbook distribution signatures: a large volume burst, a sharp candle body expansion, and limited initial bid depth. This put DOGE into a structurally weaker posture as price moved beneath prior trendline support.

Dogecoin broke through the critical $0.1350 support level on exceptional sell volume before staging a rapid rebound, signaling a high-volatility battle between distribution flows and opportunistic accumulation.