Dogecoin continues to lag behind Bitcoin and some large-cap crypto assets. Despite significant on-chain buying, the price of DOGE remains hovering around $0.07, without a clear recovery trend. Market focus has shifted back to whether this support level can hold.
Whales added to their positions around $0.07.
Market sources indicate that a major holder recently purchased approximately 200 million DOGE tokens, worth about $14 million at the time. The purchase price was close to $0.07, considered a key support level at the current stage.
Large-scale capital inflows are usually interpreted by the market as an endorsement of the price level, but this buying has not yet led to a significant rebound. DOGE is currently about 90.1% lower than its all-time high of $0.7316 reached in May 2021, reflecting a decline in investor enthusiasm for the meme coin sector compared to the previous period.
The $0.07 support level is being tested.
From a price structure perspective, the $0.07 to $0.071 range remains the most closely watched support level in the short term. If this range is breached, DOGE could fall further to the $0.060 to $0.058 area.
The upside resistance is quite dense. First, there's the area around $0.07394, corresponding to the 20-day exponential moving average; then $0.075, and finally the area around $0.07950, where the 50-day exponential moving average is located. If the price continues to rise, $0.08 will be the next key level.
- The 20-day EMA is approximately $0.07394.
- The 50-day EMA is approximately $0.07950.
- The 200-day EMA is approximately $0.10368.
It's worth noting that the DOGE has been trading below its 20-day moving average for 65 consecutive trading days, setting a new historical record. This indicates that the short-term trend remains weak, and there are no significant signs of retail funds returning to the market.
The rebound signal still needs to be confirmed.
Despite the overall weak trend, some momentum indicators are beginning to show marginal changes. The monthly stochastic RSI has entered oversold territory, suggesting that selling pressure may be easing, but this does not mean that prices will reverse immediately.
The market is currently focused on whether two conditions will hold: first, whether the $0.07 support level can be maintained; and second, whether the price can regain the $0.075 to $0.08 range. Only if this range is recovered can DOGE's short-term momentum potentially improve.
Some technical models consider $0.105 as a potential upside target, but this depends on the support holding and continued strengthening of buying pressure. Currently, Dogecoin is still in a consolidation phase, and its next direction will depend on how well the support level holds and the market's risk appetite for the meme coin sector.
