Recently, the trend of Dogecoin (DOGE) has clearly weakened. On Wednesday, under the continuous selling pressure in the spot market, the price fell below the crucial level of $0.13, making the overall market sentiment even more tense.

After the price dropped below $0.13, the futures market reacted very intensely. Data shows that the trading volume of Dogecoin futures on BitMEX suddenly surged, amplifying to $260 million in a short time, with an astonishing increase. This indicates that many traders have begun to enter the market to speculate on short-term fluctuations, with some shorting and others betting on a rebound. The market’s expectation for significant price fluctuations in the near future has clearly intensified.

In terms of price performance, in the past 24 hours, DOGE has fallen by about 2.3%, dropping from $0.1323 to $0.1292. The $0.1300 level, which many considered a 'psychological bottom', was directly breached under increased volume, and this position has changed from a 'support level' to a new 'resistance level'. This means that if the price rebounds to this level, it will likely encounter selling pressure.

During the U.S. stock trading hours, the trading volume clearly increased, indicating that many buyers who originally entered around $0.13 chose to retreat, and market dominance gradually shifted to sellers. Subsequently, in the early morning hours, selling pressure intensified again, and the price consecutively fell below $0.1295 and $0.1292, with short-term trends further weakening.

Currently, the price of Dogecoin has fallen below the short-term moving average, and the overall structure is leaning towards a downward channel. This kind of trend usually means that even if a rebound occurs, the space may be relatively limited, unless the price can regain a position above $0.13.

In simple terms, there is only one key point now:

👉 Can it regain a position above $0.13?

If it cannot, the market may continue to oscillate or even move downward; but if it breaks through with increased volume and stabilizes, there will be an opportunity for a decent rebound. For newcomers in the crypto world, it is currently more suitable to observe rather than blindly chase highs and sell lows.