Dogecoin Breaks Support as Year-End Selling Drags DOGE to $0.123
Dogecoin (DOGE) fell 3% to $0.1226 after breaking below the $0.1248 support level, extending its downtrend observed throughout December. The decisive leg of the decline saw about 857 million DOGE traded, indicating a genuine breakdown rather than a move caused by thin liquidity. Whale wallets contributed to the bearish pressure, having distributed roughly 150 million DOGE over the past five days, which kept spot rallies capped. Despite weak spot activity, open interest in futures rose above $1.5 billion, signaling sustained exposure in derivatives markets. Technically, DOGE remains in a descending channel characterized by lower highs, with the Relative Strength Index (RSI) around 37 signaling oversold momentum though no immediate trend reversal. Year-end selling pressure combined with holiday liquidity thinning has contributed to this bearish setup. If the $0.1226 support holds and $0.1248 is reclaimed quickly, a bounce toward $0.1270 is possible. Conversely, a break below $0.1226 could see the price target the next downside near $0.118, where demand pockets and the lower boundary of the descending channel converge.
