Dogecoin Slides Below $0.23 but Finds Support as Buyer Demand Rebuilds

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. 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 ” Dogecoin (DOGE) 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.

Source: CoinDesk