DOG/USDT Struggles to Hold Above $0.0024 After Market Weakness
Dog Coin (DOG/USDT) is once again testing its major support zone near $0.0023–$0.0024, a level that has acted as a crucial demand area for months. At the time of writing, DOG is trading at $0.002436, down nearly 4% in the past 24 hours, as sellers pressure the market following recent weakness across altcoins.
The daily chart shows DOG previously rallied from this same support region in June, climbing toward $0.0035 before facing rejection. Since then, price action has been contained between the green demand zone around $0.0023 and overhead resistance at $0.0030–$0.0035.
Analysts note that the coin is at a critical juncture. A decisive breakdown below $0.0023 could open the door to lower levels, while a bounce here may confirm this zone as a solid accumulation range.
“The $0.0023 level has proven its importance multiple times, acting as a floor for buyers,” said BITX technical trader. “If bulls defend this area again, we may see another push toward $0.0030. Failure, however, could trigger a steeper decline.”
Volume data indicates waning enthusiasm, with daily trading activity trending lower compared to previous rallies. This suggests that buyers are cautious, waiting for confirmation before re-entering in size.
Despite short-term pressure, market watchers highlight that DOG remains oversold on higher timeframes, which could favor long-term investors if the support zone holds. “Retesting strong supports after prolonged declines can often precede significant rebounds,” According to BITX analysts.
For now, DOG remains pinned at a make-or-break support zone. A rebound above $0.0025 could shift momentum back in favor of bulls, while sustained weakness may push the price toward the $0.0020 psychological mark.
Until a clear breakout or breakdown occurs, traders are likely to keep a close eye on this crucial $0.0023 level to determine DOG’s next trend direction.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.