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Dogecoin Slides Below $0.23 but Finds Support as Buyer Demand Rebuilds
Dogecoin slid 6% amid bearish pressure but held support near $0.227. High-volume buying and investor confidence suggest a potential rebound is in play.
May 24, 2025, 4:31 p.m.
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What to know:
- DOGE fell from $0.238 to $0.227 over 24 hours but stabilized at strong support, forming a consolidation zone.Volume surged during the 23:00 hour, with 643M traded—well above average—signaling buyer defense, according to CoinDesk Research's technical analysis data model.
- Despite a bearish channel, buyers stepped in repeatedly at $0.227, suggesting confidence even amid global market headwinds.
Global economic uncertainties and trade policy shifts are creating ripple effects across cryptocurrency markets, with Dogecoin showing resilience despite recent downward pressure.
The meme coin has formed a clear bearish channel with resistance at $0.236, though strong buying emerged at support levels, indicating investor confidence remains despite broader market concerns.
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Technical Analysis Highlights
- DOGE experienced a significant downtrend over the 24-hour period, falling from 0.238 to 0.227, representing a range of 0.015 (6.3%).
- The price action formed a clear bearish channel with resistance at 0.236 and support emerging around 0.224.
- High-volume buying occurred during the 23:00 hour with 643M in volume—significantly above the 24-hour average.
- After reaching the cycle low, DOGE has established a consolidation pattern between 0.227-0.230, with decreasing volatility.
- In the last hour, DOGE exhibited significant volatility with a clear downward bias, falling from 0.229 to 0.227 (0.87% decline).
- The price action formed a series of lower highs and lower lows, with notable selling pressure at 13:35 and 13:56.
- A temporary support level formed at 0.227 with buyers stepping in at 14:01, generating the hour's highest volume of 4.5M.
External References
- " Heats Up: Upside Move Hints at Major Breakout Ahead", NewsBTC, published May 23, 2025.
- "Dogecoin Targets $0.50 as Open Interest Crosses $3 Billion", The Crypto Basic, published May 23, 2025.
- "Dogecoin Price Breaks Out Of Bearish Trendline And Enters Ascending Channel Headed For $0.3", NewsBTC, published May 24, 2025.
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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