Dogecoin Plunges 11% as Institutional Bets Seen Exiting Amid Heavy Selloff

Dogecoin experienced a significant decline during the July 23–24 trading session, falling 11% from $0.26 to $0.24. This downturn occurred amidst persistent selling pressure from larger investors and heightened market volatility. Trading volumes spiked to over 2.26 billion tokens during this period, representing a notable increase in activity compared to recent weeks. Analysts attribute this movement to broader uncertainties within the cryptocurrency market and profit-taking by significant holders. Despite a temporary recovery near the $0.23 mark, Dogecoin failed to overcome resistance at $0.25, closing near its session lows and increasing the possibility of further downward pressure.

Key Takeaways:

• Dogecoin decreased by 11% from $0.26 to $0.24 in the 24-hour period ending July 24 at 05:00 GMT.
• The intraday range of $0.032 indicated 12.06% volatility, driven by strong selling activity.
• The most concentrated selling occurred between 13:00–17:00 GMT as Dogecoin was rejected at $0.25 on volume exceeding 2.26 billion.
• The final hour saw an additional 1.45% drop from $0.24 to $0.24, confirming ongoing weakness.
• Support briefly materialized at $0.23 but did not lead to a sustained recovery.

Market Context:

Overall sentiment in the altcoin market remains sensitive due to macroeconomic factors. Concerns surrounding global trade and restrictive monetary policies are contributing to risk aversion among investors. While Dogecoin initially saw positive speculation following an announcement earlier in the month, this momentum quickly dissipated as larger institutional players began reducing their positions. Technical analysis suggests exhaustion and a breakdown of key trendline support levels have also contributed to the recent price decline.

Price Action Recap:

Dogecoin fluctuated within a 12% intraday range, from $0.26 to $0.24. The majority of the decline took place between 13:00 and 17:00 GMT on July 23, characterized by multiple rejections at the $0.25 level accompanied by substantial sell volume. A critical breakdown happened in the final trading hour, between 04:48 and 05:47 GMT, with the token dropping an additional 1.45% on a significant volume surge exceeding 30 million tokens between 05:04–05:07. A temporary price bounce occurred at $0.23, but the cryptocurrency was unable to regain resistance.

Technical Outlook:

• Technical analysis indicates that $0.25 has established itself as a strong resistance level, evidenced by multiple rejections with high volume.
• The final hour showed a sharp rejection in the $0.24–$0.24 range with increased liquidation activity.
• $0.23 is now a crucial support level to watch; a breach could lead to further declines toward $0.21.
• The hourly Relative Strength Index (RSI) remains in oversold territory but lacks confirmation of bullish divergence.
• Volume patterns suggest that the selling pressure is primarily driven by institutional exits rather than retail panic.

Trader Focus:

Traders are closely observing Dogecoin's performance around the $0.23 level, as it represents a key point for determining short-term direction. Failure to maintain this level could pave the way for a move toward $0.21, while successfully reclaiming $0.25 with substantial volume could signal a potential reversal. Volatility is expected to remain high, with activity from large holders continuing to influence intraday price swings.