DOGE’s Bullish Signal Falters as Market Sentiment Turns Bearish

Despite a promising golden cross pattern, Dogecoin (DOGE) failed to sustain its rally amid heavy selling pressure, dropping 6% to $0.23 between August 17-18, 2025. Whale accumulation, with nearly 100 billion DOGE held in large wallets, was insufficient to counter the bearish turn. The market downturn coincided with Qubic's community voting to target Dogecoin, adding further uncertainty to its near-term prospects.

Dogecoin's Golden Cross Fails to Sustain Rally Amid Heavy Selling Pressure

Dogecoin's bullish golden cross pattern proved insufficient to counter mounting sell-side pressure as the meme cryptocurrency slumped below critical support levels. The token's 6% decline to $0.23 between August 17-18 came despite aggressive accumulation by whale wallets, now holding nearly 100 billion DOGE.

Market dynamics turned decisively bearish when Qubic's community voted to target dogecoin for a potential 51% attack—a tactic recently deployed against Monero. This security concern compounded existing macroeconomic headwinds from escalating global trade tensions, creating perfect conditions for profit-taking.

Technical damage became apparent as Doge failed to hold the $0.23 support zone after violent 7% intraday swings. The session's most telling moment came when a midday surge to $0.24 on 916 million volume was abruptly reversed, culminating in a 2% collapse within the final hour.

Dogecoin Faces Bearish Pressure Despite Grayscale's ETF Bet

Dogecoin's price trajectory took a bearish turn after failing to hold above the $0.24 resistance level. The memecoin slid 4.5% from Sunday's high of $0.2430, breaking below both a rising channel support and the 100-hour moving average. Technical indicators now flash warning signs, with the MACD showing strengthening bearish momentum and the RSI dipping below the neutral 50 level.

Institutional interest appears undeterred by the technical weakness. Grayscale's August 15 S-1 filing for a spot Dogecoin ETF signals serious institutional conviction, coinciding with a 7.3% surge in open interest to $3.73 billion. This divergence between price action and derivatives activity suggests a potential inflection point for DOGE.

Key support levels now cluster around $0.22 and $0.20, while overhead resistance remains firm at $0.24. The cryptocurrency's ability to hold these levels may determine whether Grayscale's vote of confidence translates into sustained price appreciation or merely cushions further downside.

Dogecoin Price Prediction: $0.20 Support Level in Focus Amid Market Volatility

Dogecoin's price hovers NEAR a critical juncture, with $0.20 emerging as a make-or-break support level. A retest of this zone could either catalyze a rebound or trigger deeper losses, depending on buyer conviction. Market structure appears bearish after DOGE broke below the $0.2295 support and 100-hour moving average.

Derivatives traders are doubling down despite spot weakness, with open interest surging past $3.7 billion. This speculative buildup contrasts sharply with a 40% drop in trading volumes, creating conditions ripe for explosive volatility. Historical patterns suggest such consolidations often precede sharp directional moves.