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Dogecoin Plunges 10% in Midnight Crash, Struggles to Find Footing
Dogecoin tumbles over 10% in a midnight sell-off, with high trading volumes and a potential double-bottom pattern hinting at possible stabilization.
Updated May 30, 2025, 12:33 p.m. Published May 30, 2025, 12:24 p.m.
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What to know:
Dogecoin experienced a significant drop of over 10%, falling from $0.226 to $0.202 amid a surge in trading volume.
The cryptocurrency is currently consolidating between $0.202 and $0.206, with traders cautious and market volatility decreasing.
Technical analysis indicates a key resistance at $0.217, with potential for a breakout if momentum builds.
Dogecoin , the popular meme cryptocurrency, endured a rough night as it plunged over 10% in a sudden sell-off that rattled markets.
The drop — from $0.226 to $0.202 — occurred around midnight, coinciding with a surge in trading volume to 1.18 billion, highlighting a scramble among traders reacting to broader market jitters.
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While DOGE managed a modest bounce from its lows, it remains stuck in a consolidation pattern between $0.202 and $0.206. This suggests the market is taking a breather after the initial shock, but traders remain cautious, with volatility tapering off and no decisive direction emerging.
Technical analysis shows DOGE testing multiple support levels during the crash before establishing a key resistance at $0.217. A potential double-bottom pattern may be forming, giving some hope to bulls eyeing a breakout toward $0.25 if DOGE can gather enough momentum to push past that resistance.
Open interest in DOGE derivatives climbed 2.89% to $2.71 billion, indicating traders are positioning for the next big move. Whether that move is up or down is still an open question, as mixed sentiment prevails across the market.
Technical Analysis
- DOGE dropped from $0.226 to $0.202, a sharp 10.6% decline.
- The most intense selling came at midnight (00:00), with a 5.5% plunge on exceptional volume.
- Key resistance has formed at $0.217, with broken support levels below.
- Consolidation between $0.202 and $0.206 signals market indecision.
- A brief recovery between 09:43 and 09:56 saw DOGE inching back to $0.205, but on low volume.
- Open interest growth points to traders bracing for a potential volatility spike.
As the dust settles, traders and investors alike will be watching closely for signs of a sustained rebound — or a deeper decline — in the hours ahead.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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