Dogecoin Trading Volume Plummets, Market Reaction Tepid

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: May 10 2026

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Significant Volume Drop: According to CoinMarketCap, Dogecoin's trading volume plummeted by nearly 50% in the past 24 hours to $669 million, reflecting a notable decrease in market activity that could undermine investor confidence.
Price Fluctuation Analysis: Dogecoin's price dipped by 0.48% over the past day, settling at $0.108, with experts highlighting this price point as crucial for future movements; if it fails to breach the $0.10 resistance, the price may oscillate between $0.09 and $0.12.
Market Sentiment Shift: The recent decline indicates increased profit-taking behavior among short-term traders, and market observers believe that if Dogecoin rebounds from the $0.10 support level, it may attempt to retest the $0.117 high, with successful breakthroughs potentially targeting $0.14 and $0.16.
Innovation Potential Focus: Investor interest extends beyond traditional trading, particularly towards the upcoming X Money project led by Elon Musk, set to launch in April 2024, aiming to transform digital payments through partnerships with Visa, which could provide new growth momentum for Dogecoin.

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Technical Analysis for DOGE

Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Dogecoin (DOGE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0807	0.089	0.0968	0.105	0.113	0.121	0.129
Fibonacci	0.089	0.0952	0.099	0.105	0.111	0.115	0.121

About DOGE

Dogecoin (DOGE) is based on the popular 'doge' Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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