DOGE Faces Bearish Pressure as Key Support at 22 Cents Tested Amid Market Selloff

Dogecoin (DOGE) experienced a significant downturn, dropping 6.88% within 24 hours as bearish momentum dominated the market. The cryptocurrency fell from $0.24 to $0.22, breaching critical support at $0.238, which has now turned into a resistance level. The selloff intensified on August 11 at 07:00 UTC, with trading volume surging 31% above the daily average as 485.69 million DOGE changed hands. A brief recovery was observed at $0.226 during the 11:00 session, where buy-side volume spiked to 793.3 million DOGE, offering temporary relief. However, the broader crypto market selloff continues to weigh on DOGE, testing its resilience at the 22-cent support level. Analysts are closely monitoring whether DOGE can hold this key level or if further downside is imminent amid the current market volatility.

DOGE Tumbles 7% Amid Broad Crypto Selloff, Tests Key Support at 22 Cents

Dogecoin plunged 6.88% in 24 hours, collapsing from $0.24 to $0.22 as bearish momentum overpowered buyers. The selloff accelerated at 07:00 UTC on August 11, with 485.69 million Doge changing hands—31% above the daily average—as price broke through critical support at $0.238. That level now stands as firm resistance.

A temporary reprieve came at $0.226 during the 11:00 session, where buy-side volume spiked to 793.38 million DOGE. Subsequent rally attempts faltered at secondary resistance of $0.231 before the meme coin settled into a tight $0.2247-$0.2253 range on dwindling volume—a potential sign of selling exhaustion.

The downturn mirrors weakness across digital assets as macroeconomic crosscurrents rattle investors. Escalating trade tensions between major economies and shifting central bank policies have triggered institutional de-risking, with speculative assets like DOGE bearing the brunt.

Dogecoin (DOGE) Price: Triangle Pattern Sets Up Potential 50% Surge

Dogecoin has surged 16-20% over the past week, breaking months of stagnation. The meme coin now trades NEAR $0.235, with 84% of addresses sitting on unrealized profits—a level that previously preceded a 21% correction in late July.

Exchange inflows turned positive this week, signaling potential profit-taking. The $0.22-$0.23 support zone emerges as a critical level, while $0.29 resistance has rejected three rally attempts this year.

Technical charts reveal an ascending triangle formation, suggesting breakout targets at $0.28 and $0.36 if DOGE clears the $0.25 threshold. Market watchers note the pattern's reliability often precedes major moves, though exchange deposits indicate near-term headwinds.

GMO Miner Launches Dogecoin Mining Contracts Amid Market Volatility

Dogecoin's price dropped 6.88% to $0.22 in 24 hours as sell-side liquidity overwhelmed buyers. Trading volume spiked 31% above average during the decline, cementing $0.238 as a key resistance level.

GMO Miner positions itself as a hedge against volatility, promoting cloud mining contracts claiming $6,800 daily yields. The platform emphasizes algorithmic optimizations to maintain returns regardless of Doge price swings, leveraging network block rewards during the August 11 dip to $0.226.