Dogecoin (DOGE/USDT) has once again faced rejection at the $0.0026 level, falling nearly 2% in the past 24 hours as profit-taking hit the market. The memecoin’s brief recovery attempt was halted at a major supply zone between $0.0026 and $0.0028, leading to a renewed decline toward the support range near $0.0020.
The recent chart structure shows that DOGE remains under strong bearish pressure after multiple failed breakout attempts since early September. Volume data also reflects declining buying interest, suggesting that bulls are losing momentum in the short term.
Key Technical Zones and Market Sentiment
Technical indicators point to a well-defined trading range. The chart highlights:
- Resistance zone: $0.0026 – $0.0028
- Support zone: $0.0019 – $0.0021
- Intermediate resistance: $0.0030
If Dogecoin fails to hold above the green demand area, analysts warn of a possible retest of $0.0018, which aligns with the previous accumulation zone.
BITX senior market analyst noted that “Dogecoin’s failure to maintain higher highs indicates exhaustion among short-term buyers. Unless volume returns near the $0.0025 mark, a further correction remains likely.”
Despite the current pullback, long-term traders remain cautiously optimistic. The next bullish confirmation could occur only if DOGE manages a daily close above $0.0028, signaling renewed strength. Until then, the asset remains within a neutral-to-bearish phase.
According to BITX that “DOGE’s price is closely tied to broader crypto sentiment. A rebound in Bitcoin could help stabilize its structure, but the current rejection zone is proving difficult to overcome.”
Dogecoin’s current structure suggests a period of consolidation between $0.0020 and $0.0026 as the market digests recent volatility. With declining volume and increasing profit-taking pressure, traders are advised to watch for a clean breakout above $0.0028 or a breakdown below $0.0019 for clear 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.