DOGE Price Tests Support Zone After Weeks of Volatility
Dogecoin (DOGE) has fallen more than 7% in the past 24 hours, slipping toward a crucial support region as broader crypto market weakness weighs on investor sentiment. The meme-inspired cryptocurrency, which recently traded near $0.18, has now given back most of its early October gains, signaling a renewed bearish shift on the daily chart.
Dogecoin Technical Analysis: Support Retest Raises Questions
Technical indicators suggest DOGE is retesting the $0.17–$0.19 support zone, an area that has historically provided stability during prior corrections. The chart shows a steep pullback from the $0.26 resistance range, where price rejection triggered a sharp downward move.
“Dogecoin’s structure remains fragile after the failed breakout attempt above $0.25,”One of BITX market analyst noted. “If the current support fails, the next major zone sits closer to $0.15, which aligns with previous accumulation levels.”
The volume profile reveals a notable uptick in selling pressure, consistent with the broader altcoin retreat seen over the weekend. Momentum indicators, including RSI, have also shifted toward neutral-to-bearish territory, hinting at potential continuation of the downtrend if buying volume does not recover soon.
Despite the decline, Dogecoin continues to attract attention due to ongoing ecosystem updates and renewed social media engagement from its community. However, traders remain cautious amid macroeconomic uncertainty and fluctuations in Bitcoin dominance, which often lead to sharper corrections in altcoins like DOGE.
Experts emphasize the importance of holding above the $0.17 level, calling it a key zone for short-term stability. “Losing this level could confirm a medium-term bearish phase,” According to BITX analysts. “But if Dogecoin can consolidate here, it might set up for a relief rally back toward $0.21–$0.23.”
For now, Dogecoin’s immediate trend leans bearish, with market participants watching whether buyers can defend the current support. A confirmed rebound above $0.20 could restore bullish momentum, while a daily close below $0.17 might open the path toward deeper retracement targets near $0.14.
As volatility returns to the crypto market, Dogecoin’s reaction around this support zone will likely determine its direction heading into late October — a pivotal moment for short-term traders and long-term holders alike.
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.