Key Support Zone Re-tested as Momentum Weakens, but Buyers Show Interest Near $0.12 Region
Dogecoin slipped roughly 5% in the latest session, extending its multi-week decline and pushing the token toward a major support zone highlighted in recent technical charts. The price moved down to around $0.138, reflecting a continuation of the broader crypto correction. The chart you provided shows DOGE approaching a long-held demand region where previous rebounds have formed, suggesting that traders are carefully watching for a potential reaction.
Dogecoin Technical Analysis
Dogecoin has been sliding since its October swing high near the $0.27 region. The market structure has clearly shifted, with multiple breaks of structure (BOS) and repeated failures to reclaim supply levels marked on the chart. Analysts note that this sequence underscores a persistent bearish trend.
The chart also highlights a wide green demand zone between $0.12 and $0.14, an area that has consistently supported the price over the past year. Several technicians believe the current drop could once again trigger a reaction from buyers.
“This zone has acted as a base for every meaningful upward move this year,” BitXJournal market analyst commented. “If Dogecoin stabilizes here, it could build the foundation for a medium-term recovery.”
Pressure From Overhead Supply
DOGE continues to face heavy resistance from multiple supply clusters above the $0.16, $0.19, and $0.27 levels. According to traders, each attempt to break higher has been met with selling, reinforcing the bearish bias.
A technical strategist noted that trendline rejection and a confirmed change of character (ChoCH) have kept the market tilted downward.
“The structure remains bearish until price can close above at least one of these major supply blocks,” BitXJournal strategist said. “For now, momentum favors sellers, especially as liquidity pools below $0.13 remain exposed.”
Dogecoin’s immediate outlook hinges on how price behaves within the critical $0.12–$0.14 support band. A strong rebound could usher in short-term relief, while a breakdown may expose the weak low near $0.10, as shown on the chart.
For now, traders are closely observing whether buyers can defend this historically significant zone or whether DOGE is preparing for a deeper retracement.
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.