Dogecoin fell below $0.075 as trading volume surged with intensified selling

Dogecoin, one of the leading meme cryptocurrencies, dropped below the $0.075 threshold amid widespread selling pressure across the crypto market. Short-term charts revealed a significant spike in trading volume, indicating that the latest decline was driven by direct sell-offs rather than illiquid market conditions.

Short-term selling pressure increases

On the 30-minute chart, DOGE lost over 5% of its value, slipping to approximately $0.0748. After losing its foothold above the key $0.080 support, the price moved sideways before a fresh wave of selling accelerated its downward trajectory. The most recent red candle was marked by one of the highest volume surges on the chart, signaling that the downswing was predominantly fueled by active selling rather than a lack of liquidity. The simultaneous formation of lower highs and lower lows reflected continued weakness in the short-term technical outlook.

The analysis notes that as long as Dogecoin remains below $0.075, sellers are likely to continue testing the $0.074 region. If the weakness persists, lower support zones may come into play, though these levels are not clearly visible on short-term charts. Conversely, any quick rebound above $0.075 could help ease immediate downward pressure. For a more convincing shift in momentum, a sustained move above the $0.078 to $0.080 range would be required.

$0.074 emerges as a pivotal support

On broader timeframes, Dogecoin is now defending a historically significant support zone following steep declines. The four-hour chart shows DOGE briefly dipping towards $0.0741 before recovering to trade near $0.0753. This range is being watched as the dividing line between a potential rebound and a continuation of the downward trend.

Launched in 2013, Dogecoin is well-known for its massive community influence, especially through social media. Analyst Carlos Garcia Tapia warned that there is a price gap below $0.073, representing an area lacking nearby support.

Glossary: A price gap refers to an area where there is limited support or resistance above or below a certain level, increasing the chance of accelerated price movement if that area is breached.

However, maintaining support above $0.074 could pave the way for a potential recovery. The first key resistance in a rebound scenario appears at $0.0803 on the 12-hour chart. Stronger upward moves would then target the $0.085, $0.0876, and $0.0909 levels respectively.

Overall, the trend remains bearish, as Dogecoin is still trading below its descending resistance band. For now, any move higher towards the $0.0803–$0.085 range is likely to be interpreted as a limited rebound, unless these resistance levels are decisively broken.

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