Dogecoin (DOGE) recorded an 8% decline over the past 24 hours, marking one of the steepest moves for the token this month. Analysts note the presence of support in the long-term channel and short-term patterns.
Sharp Daily Decline of Dogecoin
Dogecoin fell 8% in the past 24 hours, dropping from $0.22 to $0.21. This was one of the steepest daily moves for the token in July. The price action moved within a $0.23 to $0.20 range, facing resistance at the top and heavy selling near the session close. However, trading volumes spiked, with a midnight surge to 1.25 billion DOGE, indicating large liquidations and cascading sell orders from leveraged positions. As of press time, Dogecoin was trading at $0.20, down 11% over the past week, giving it a market cap of $31 billion.
Long-Term Channel Remains Intact
Trader Tardigrade shared a month-long chart showing DOGE inside a long-term ascending channel that has held since 2014. DOGE has often bounced from the lower boundary of this channel, shown in pink on the chart. The current price is near the lower-middle part of the channel, an area that has led to multi-month rallies when the trend held. Dogecoin's long-term structure stays intact even after the recent decline.
Short-Term Wedge and Institutional Activity
Ali Martinez noted that DOGE may be forming a falling wedge on the 1-hour chart, with a projected target of $0.265. A move above $0.229–$0.230 would confirm bullish momentum, while $0.215–$0.210 remains key support if the wedge fails. Institutional wallets acquired 310 million DOGE during the correction, and Bit Origin added 40 million DOGE to its treasury under a $500 million diversification program.
Dogecoin has shown a sharp decline, yet the long-term structure remains intact, which may present opportunities for future recovery. Institutional purchases may also signal growth potential.
