Dogecoin (DOGE) Price Drops 30% From Recent Highs: Here Are the Key Support and Resistance Levels to Watch

Dogecoin (DOGE) has experienced a substantial price correction, dropping from $0.3250 to a low of $0.20 in recent trading sessions.

Dogecoin (CRYPTO: DOGE) experienced a significant price correction in recent trading sessions, with the meme coin dropping from highs of $0.3250 to lows of $0.20 during the span of a few days.

The price decline began as DOGE failed to maintain support above the $0.3250 resistance zone, with initial selling pressure pushing the price below the psychological $0.30 level. This move triggered a cascade of technical selling points.

As the price continued to drop, trading volume increased notably, with the increased activity signaling participation from both sellers and buyers during the price movement.

Market data showed that the descent accelerated once the price broke below $0.2750, leading to a sharp decline that ultimately tested the $0.20 support level. This price movement marked a 30% decrease from recent highs.

Technical analysis showed that DOGE was trading above the 100-hourly simple moving average, indicating some stability in the short term price action. The price also managed to recover ground above the 23.6% Fibonacci retracement level.

Traders were keeping a close eye on the $0.250 level, which provided immediate resistance to any potential recovery. This price point already rejected several attempts at upward movement in recent trading sessions.

The hourly chart also showed a bearish trend line forming with resistance at $0.270, suggesting that buyers may face challenges in pushing the price higher without sustained buying pressure.

Volume patterns showed increased trading activity during the decline, with particular intensity as the price approached the $0.20 support level. This surge in volume could indicate a temporary bottom formation.

Current market structures showed that DOGE needed to clear several hurdles for a sustained recovery. The first major resistance appeared at $0.260, followed by a more substantial barrier at $0.270, which also coincided with the 50% Fibonacci retracement level.

Technical indicators presented a mixed picture, with the hourly MACD continuing to show momentum in the bearish zone. At the same time, the Relative Strength Index (CRYPTO: RSI) remained below the 50 level, suggesting continued selling pressure.

Support levels formed at $0.2250 and $0.2150, providing potential price floors if selling pressure resumed, as these levels indicated areas of previous buying interest.

Breaking above $0.270 could open the path toward $0.2880, with the next major resistance being encountered at $0.30, where trading volumes suggested potential price interest.

If the price failed to maintain support at current levels, analysis pointed toward potential downside targets at $0.1880 or $0.1650, with these levels representing previous areas of price interest and technical support zones.

Recent trading patterns showed decreased selling pressure as the price approached the $0.20 support level, suggesting potential price stabilization. However, sustained buying volume would be necessary for a confirmed trend reversal.

At the time of writing, the price of DOGE was trading at $0.2350, up from recent lows, with trading volumes remaining elevated compared to weekly averages.