Dogecoin price today slipped 5.2% to $0.219, erasing its weekend rebound and reminding traders of the memecoin’s high-beta volatility.
The drop comes even as trading volume exploded 147% to $4.18 billion, suggesting a flush of stop-loss triggers and profit-taking after DOGE price failed to hold the $0.22 resistance level today, August 25.
Sellers Take Control Amid Risk-Off Mood
DOGE’s slide mirrors broader market weakness after Bitcoin price retreated below $113K and the crypto Fear & Greed Index fell to 44 (fear). Altcoin dominance shed 2.22% in the past week.
For Dogecoin (DOGE), this spelled trouble: memecoins historically bleed harder during risk-off phases.
Whale activity further explains the weakness. Santiment data shows wallets holding more than $5 million in DOGE trimmed exposure, coinciding with the price pullback.
Still, intraday volume spikes suggest the move was driven less by structural selling and more by short-term traders rushing for exits.
Dogecoin Price Outlook: “Last Dip Before Breakout”?
Despite the selloff, analysts are split on DOGE’s trajectory. Popular trader Ali told his 152K followers: “One last dip before the breakout!”
Dogecoin price shows bullish signals | @ali_charts in X
His symmetrical triangle chart points to a potential bullish breakout toward $0.28–$0.31 if DOGE can reclaim lost ground.
Furthermore, Elliott Wave analyst Avi Harkishun sees an even more ambitious path. He places DOGE in a macro “wave 3” with a near-term target between $0.35 and $0.41, projecting that wave 5 will retest and eventually break all-time highs.
For now, Dogecoin price action remains capped under the 38.2% Fibonacci retracement at $0.229. A daily close above this level would invalidate the short-term bearish structure.
On the downside, $0.203 (78.6% Fib) is the critical line in the sand. A failure there risks dragging DOGE toward $0.189, last defended in June.