Dogecoin plunged nearly 8% after its most important support level collapsed, triggering a high-volume liquidation wave that overshadowed muted ETF inflows and sent the memecoin toward new monthly lows.
• DOGE ETFs from Grayscale and Bitwise generated only $2.16M in first-week inflows
• ETF launch was expected to attract institutional attention but demand fell far short
• Market-wide risk aversion continues as Bitcoin drifts near multi-month lows
• Meme tokens face outsized volatility as liquidity conditions deteriorate
• Large holders remain net sellers despite ETF debuts
DOGE’s collapse below the well-established $0.1495 support level marks a significant breakdown in structure. This zone served as the base for every major rebound since late October, making its breach a structural shift from consolidation to active downtrend.
The volume profile confirms the legitimacy of the breakdown. DOGE saw 1.56B tokens traded during the decisive sell window — around 6.5× the daily average. This level of participation is typical of liquidation events or algorithmic selling rather than retail-driven volatility. The decline unfolded through a sequence of lower highs and lower lows, culminating in a steep vertical drop toward the $0.1370 range.
Momentum indicators are deeply oversold, yet no divergence signal has formed. DOGE’s price remains pinned beneath broken support at $0.1495, while immediate resistance at $0.1383 continues to reject recovery attempts. Until DOGE reclaims lost levels with conviction and volume, the structure favors continuation rather than reversal.
DOGE fell from $0.1495 to $0.1377 during a violent 24-hour selloff. The breakdown began at 23:00 UTC and accelerated across three consecutive high-volume candles. The 1.56B volume spike — 650% above average — confirmed that buyers were completely overwhelmed. DOGE attempted shallow rebounds near $0.1383 but repeatedly failed at intraday resistance. The token now consolidates between $0.1372 and $0.1383 in a narrow range, indicating temporary stabilization after the capitulation drop.
• Losing $0.1495 turns the level into major overhead resistance — reclaiming it is essential
• Immediate support sits at $0.1370; failure here exposes $0.1350–$0.1320
• Oversold readings suggest a bounce is possible but not yet confirmed
• ETF disappointment removes a key bullish narrative for near-term recovery
• Watch for a high-volume reclaim of $0.1420–$0.1450 as the first sign bulls are returning
Source: https://www.coindesk.com/markets/2025/12/01/dogecoin-slumps-9-amid-bitcoin-weakness-is-a-larger-dump-coming
