DOGE Plummets 7%—Brace for Impact as 22-Cent Support Looms Amid Heavy Selling

Dogecoin's wheels came off today as a high-volume selloff triggered a brutal 7% nosedive.

Testing the 22-cent support level—again

The memecoin's latest plunge marks its third test of the 22-cent floor this month. Liquidity hunters piled on as stop-losses triggered across exchanges—classic crypto casino behavior.

Volume tells the real story

Today's selloff wasn't some whisper-thin OTC trade. Order books lit up with panic dumps as DOGE's trading volume spiked 40% above its 30-day average. When the 'people's crypto' bleeds like this, even the diamond hands get paper cuts.

Here's the kicker: This is exactly the kind of volatility that would make a traditional asset manager clutch their pearls—but in crypto-land, it's just another Tuesday. Maybe Elon will tweet a dog photo later to reverse the damage.

Technical Analysis Overview

DOGE falls 6.88% in the 24-hour period ending August 12, dropping from $0.24 to $0.22 as sellers overwhelm bid-side liquidity. The heaviest pressure hits at 07:00 on August 11, with price sliding from $0.238 to $0.233 on 485.69M volume — 31% above the daily average of 371.45M. This establishes $0.238 as a major resistance level.

Buyers step in at $0.226 during the 11:00 session, generating 793.38M in volume. Secondary resistance forms at $0.231 as multiple rally attempts fail. Final-hour trade sees Doge range-bound between $0.2247-$0.2253 with volume compression, suggesting potential seller exhaustion.

News Background

The selloff comes amid broader weakness in digital assets, with regulatory uncertainty and global trade tensions weighing on risk sentiment. Major economies are escalating tariff disputes, pressuring multinational supply chains, while central banks signal potential policy shifts — a mix that has prompted institutional de-risking across crypto holdings.

Price Action Summary

• DOGE declines 6.88% from $0.24 to $0.22 in August 11 01:00–August 12 00:00 window
• $0.238 resistance locked in after 07:00 selling climax on 485.69M volume
• $0.226 support sees 793.38M in buy-side flows; $0.231 secondary resistance caps rebounds
• Final hour trades in tight $0.2247-$0.2253 range with falling volume

Market Analysis and Economic Factors

Whale and institutional profit-taking at $0.238 resistance set the tone for the session, triggering a breakdown below $0.23 and forcing retests of $0.226. Support buying was evident on two major volume spikes (11:00 and 21:00), but repeated rejections NEAR $0.231 kept DOGE pinned.

With volume thinning at session lows, the structure hints at possible base-building — though macro headwinds could see $0.22 tested again.

Technical Indicators Analysis

• Resistance: $0.238 (high-volume rejection), $0.231 (secondary cap)
• Support: $0.226 initial defense, $0.2247-$0.2249 intraday floor
• 24-hour range: $0.019 (7.89% volatility)
• Volume compression near lows signals possible seller fatigue
• Multiple failed breakouts above $0.231 confirm supply zone overhead

What Traders Are Watching

• Retest of $0.22 and whether buyer flows reappear at key support
• Breakout attempts above $0.231 as a first step toward recovery
• Impact of macro headlines on broader meme coin sentiment
• Signs of renewed whale accumulation after selling climax