Dogecoin Struggles Near $0.17 Support as Volume and Momentum Drop

Dogecoin remains under pressure near $0.17, with declining volume hinting at potential investor capitulation should support fail.

XRP is trading within a tightening symmetrical triangle, poised for a breakout as consolidation nears its conclusion.

Both assets are navigating crucial technical levels, with reduced trading volume reflecting indecision among traders ahead of significant market movements.

Dogecoin is currently trading at $0.1704, closely testing its key support level at $0.17. While this support has so far prevented a sharper decline, chart signals suggest increasing downward pressure. The asset has been in a downtrend since early June and has been unable to breach the resistance line formed by the 50-day and 100-day exponential moving averages.

Despite a brief recovery around $0.18, Dogecoin has failed to reclaim any significant moving averages. The 200 EMA remains considerably above the current price, suggesting a trend reversal is still distant. Price momentum is weakening, and recent buying attempts have not resulted in sustained gains.

Trading Volume Continues to Shrink

Volume levels have been steadily decreasing on the daily chart, a pattern often indicative of waning trader interest. This reduction in volume can create liquidity gaps, making the token more susceptible to larger price swings. Historically, declining volume during a bearish phase often signals potential investor capitulation.

Source: TradingView

If Dogecoin breaches its $0.17 support, the next technical level to watch is near $0.14. However, with sentiment deteriorating and volume drying up, even this level may not hold. A break below $0.14 could pave the way toward $0.10, potentially pushing the token into uncharted territory after maintaining a price above ten cents for several months.

XRP Approaches Breakout as Triangle Narrows

Meanwhile, XRP is changing hands at approximately $2.17 and is developing a symmetrical triangle on its daily timeframe. This consolidation pattern has been forming since early June, and a breakout point is approaching. The price is slightly above the 200-day MA, which is acting as support.

XRP’s volume has also decreased, consistent with the typical price behavior within a triangle pattern. The RSI is neutral around 45, indicating an unclear direction for the next move. The narrowing pattern is expected to result in a significant breakout or breakdown in the near future.

A move below $2.09 could test support levels at $1.95 and $1.80. Conversely, reclaiming $2.24 may reignite bullish momentum and propel prices toward the $2.40 area. Increased volatility is anticipated in the coming days as XRP reaches the culmination of its formation.