Dogecoin (DOGE) declined again in the latest trading session, as optimism from the ETF craze failed to reverse the weak market structure. Despite spot DOGE ETF applications filed by 21Shares and Grayscale, which briefly boosted network activity, the price still broke through key support levels, indicating that technical sell-offs are dominating the trend.
On-chain data shows that DOGE active addresses once surged to 71,589, the highest level since September, reflecting increased user participation. However, whale trading activity remains sluggish, and there has been no significant ETF-related capital inflow. The contrast between improving fundamentals and weak prices highlights the impact of declining market risk appetite.
From a technical perspective, Dogecoin has repeatedly failed to break through the $0.1522 resistance zone, with each rally accompanied by decreasing trading volume, suggesting that buying power is gradually drying up. Ultimately, the critical support at $0.1487 was decisively breached by institutions or algorithmic trading, triggering a surge in trading volume to over 400 million tokens within a few hours, clearly indicating that institutional selling pressure led the latest decline.
The current price structure has formed a descending triangle pattern, with lower lows and flat support. Unless DOGE reclaims the $0.1487–$0.1510 range, the downtrend is unlikely to reverse. Momentum indicators are also bearish, with the RSI continuing to decline and showing no signs of reversal.
In terms of price, DOGE dropped from $0.1522 to $0.1477 amid high trading volume, a decline of about 3%, with volume rising to 830.7 million tokens, 174% higher than the 24-hour average. Attempts to rebound to $0.1483 were quickly met with selling pressure, and the consolidation range remains extremely narrow, indicating that the market is still in a downward trend.
Looking ahead, $0.1470 is a key short-term support level; if breached again, it may lead to a further drop to $0.1450 or even $0.1425. For bulls to reverse the decline, the first task is to reclaim $0.1487, followed by breaking through $0.1510 to signal a trend reversal.
With the impact of the ETF narrative waning and institutions continuing to sell, the market still leans downward, and any short-term rebound is unlikely to be sustainable. (CoinDesk)
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