Dogecoin Drops 9% Amid Market Selloff and Macro Uncertainty

Dogecoin (DOGE) plunged 9.24% in 24 hours, sliding from $0.248 to $0.226 between July 28 and July 29. The meme token’s price action fluctuated within a 10.39% range, hitting a session high of $0.248 before dropping to a low of $0.223. A modest rebound in the final hour lifted DOGE slightly to $0.226.

The sharp decline was driven by institutional sell pressure, particularly between 13:00 and 14:00, when trading volume spiked to 918 million—over twice the 24-hour average of 410 million. Despite late-session accumulation at the $0.223–$0.225 range, DOGE struggled to reclaim key resistance around $0.24.

The selloff reflects broader crypto market weakness as central banks reconsider rate cuts amid persistent inflation and heightened geopolitical risks. Risk-off sentiment has reduced speculative appetite, especially for meme-based assets like Dogecoin.

Technically, DOGE remains bearish, though signs of bottoming are emerging as sell volume declines. The $0.223 support level has held twice, supported by heavy trading volume, while $0.240–$0.241 remains the critical resistance zone for any short-term reversal. A decisive break above $0.241 could shift momentum bullish, while a failure to hold $0.223 may expose DOGE to further downside toward $0.215–$0.218.

Traders are closely watching upcoming U.S. inflation data and comments from the Federal Open Market Committee (FOMC), which could trigger the next major move. Until macro conditions stabilize, caution is likely to dominate DOGE trading strategies.

This price action underscores Dogecoin’s sensitivity to broader market trends, with institutional flows playing a pivotal role in short-term volatility and key support-resistance dynamics.