Dogecoin recently broke below the key support level of $0.1248. Once this level is lost, the price could accelerate downward to the demand zone around $0.122–$0.123. Looking at the trading volume makes it clear that this is not a slow decline but a genuine large-scale sell-off—about 857 million DOGE were sold off in a short period. This also explains why rebounds always fizzle out quickly, getting pushed back down immediately.

Every time Dogecoin approaches $0.127, sell orders immediately come in, preventing the price from breaking through. From the candlestick structure, it’s still in a downward channel, and the overall trend is weak. The RSI momentum indicator is around 37, approaching the oversold zone, but don’t expect an immediate rebound—market liquidity was already tight in late December, and selling pressure remains.

The most painful part is that a whale dumped 150 million DOGE in five days, pushing the price down. Although it seems like there’s little buying interest on the spot side, open interest in futures contracts still exceeds $1.5 billion, indicating that a large amount of leveraged funds are still in the market. This means the price could be hit by large capital inflows at any time, leading to very volatile movements.

Core support: $0.122–$0.123 | Resistance above: $0.127 | Trend judgment: downward channel, short-term weakness | Momentum feedback: RSI approaching oversold but limited rebound space

Dogecoin is currently in a weak consolidation phase, with each small rally likely to be suppressed. There is a risk of further downside in the near term. Long positions should focus on whether support levels can hold, and also pay attention to trading volume and whether these key price levels can truly be maintained.