Dogecoin tests $0.073 after 5% decline

• Dogecoin has fallen below US$0.075 after a sharp sell-off increased pressure on support near US$0.073.
• Rising trading volume suggests active selling, while analysts say a break below US$0.073 could accelerate losses.
• A recovery above the US$0.0803 resistance level would be needed to improve the short-term technical outlook.

Dogecoin (CRYPTO:DOGE) fell below US$0.075 after declining more than 5%, with heavy trading volume pushing the memecoin towards a key support zone near US$0.073.

The latest decline followed a break below the previous US$0.080 support level, with the price continuing to form lower highs and lower lows, reinforcing the short-term bearish trend.

Market analyst Carlos Garcia Tapia said a confirmed move below US$0.073 could expose a "void" on the chart, indicating limited nearby support before buyers may return.

The 30-minute chart showed one of the largest recent volume spikes accompanying the latest sell-off, while the four-hour chart identified US$0.074 as the immediate support level and US$0.0803 as the first major resistance.

If buyers reclaim US$0.0803, the next resistance levels are around US$0.085, US$0.0876 and US$0.0909, although the broader downtrend remains intact while DOGE trades below its descending resistance band.

A sustained move below US$0.073 could increase the risk of a deeper decline because the chart shows limited historical support immediately beneath that level.

Dogecoin continues to trade in line with broader cryptocurrency market sentiment, with short-term price direction likely to depend on whether buyers defend the current support zone or sellers extend the recent breakdown.

At the time of reporting, Dogecoin price was $0.07418.