Dogecoin has recorded a significant 14% price decline following heightened profit-taking among traders. The selling pressure reached a six-month peak, creating substantial downward momentum for the meme-inspired cryptocurrency.
Despite this volatility, long-term holders are demonstrating resilience by providing crucial support. Their continued accumulation appears to be mitigating more severe price drops, suggesting underlying strength during turbulent market conditions.
Currently trading below the critical $0.245 resistance level, Dogecoin now faces pivotal valuation thresholds. Market analysts caution that a decisive break below $0.198 could accelerate bearish pressure, while reclaiming $0.245 could signal a rebound.
Sentiment remains mixed, with short-term traders exercising caution against long-term holders’ stabilizing presence. Investors are closely monitoring the $0.220 support threshold and the $0.245 resistance level, as these barriers are expected to dictate Dogecoin’s near-term trajectory.