On October 31, 2025, Dogecoin (DOGE) experienced a significant technical breakdown, falling 5.5% and breaking below the crucial $0.1940 support level. The decline was accompanied by a dramatic 180% spike in trading volume, signaling strong selling pressure from larger institutions and leading to a cascade of liquidations for leveraged traders.
The Anatomy of a Breakdown
The sell-off wasn’t a gradual slide but a decisive break. The price action saw DOGE drop from around $0.1951 to $0.1843, with the loss of the $0.1940 support level acting as a key trigger. This level had served as a floor throughout October, and its failure prompted a wave of automatic stop-loss orders, accelerating the downward move.
The surge in volume to 1.17 billion tokens, far above the daily average, confirmed that this was not just retail panic. Analysts identified the move as “institutional-scale liquidation,” where large players exited their positions, overwhelming buyers and creating a fragile market structure. On-chain data further revealed over $29 million in large transactions, including a single transfer of $26.8 million to a major exchange, which coincided with the heaviest selling pressure.
A Perfect Storm of Selling Pressure
This technical breakdown in Dogecoin occurred within a tense broader market. Just a day earlier, the entire crypto market faced significant volatility following the Federal Reserve’s interest rate decision. While the Fed cut rates as expected, Chairman Jerome Powell’s subsequent cautious comments dampened market optimism, leading to a “sell-the-news” event.
This macro-driven uncertainty resulted in over $800 million in liquidations across the crypto market, with traders on the long side bearing the brunt of the losses. Dogecoin, as a major and often more speculative asset, was caught in this wave of risk-off sentiment and deleveraging.
What to Watch Next
For traders and holders, the immediate focus is on whether DOGE can stabilize and where it might find a new base. The key resistance to watch is now at $0.1950, a former support level that has turned into a supply zone. A sustained reclaim above this level would be needed to neutralize the immediate bearish bias.
On the downside, the $0.1780–$0.1800 band is the nearest significant support area where buyers have attempted to step in. A failure to hold here could open the door for a deeper decline toward the $0.166 zone.
This move underscores how quickly conditions can shift when key technical levels break in a jittery macro environment. With liquidity thinning and volatility picking up, disciplined risk management remains paramount.
