DOGE Price Drops 2% Amid $981M Trading Surge—Is a Bullish Breakout on the Horizon?

Dogecoin (DOGEUSDT) experienced a 2.05% decrease in price over the past 24 hours, now trading at 0.12784 USDT. The recent price decline is primarily attributed to short-term bearish pressure, as reflected in technical analysis showing the asset trading below key resistance levels, alongside mixed market sentiment across the broader cryptocurrency sector. Despite the dip, increased trading volume and short liquidations have been observed, indicating active market participation and potential repositioning by traders. Current 24-hour trading volume is substantial at approximately $981 million, with Dogecoin maintaining a market capitalization around $21.73 billion and a circulating supply of roughly 168 billion DOGE. Overall, while short-term volatility persists, recent chart patterns and on-chain data suggest growing optimism for a possible bullish breakout in the coming months.