Amid broader market weakness, memecoins have taken the lead, but Dogecoin has faced sharp losses. After being rejected at $0.15, DOGE slipped into a descending channel, hitting a low of $0.08 before staging a modest rebound. At the time of writing, DOGE traded at $0.095, down 1.46% on the daily chart, adding to an 8.03% weekly decline.
A crypto analyst said DOGE has touched the lower line of its long-term ascending channel, signaling a possible bottom. If the memecoin dips below $0.10, that level is viewed as a bottom and could precede a rebound toward higher levels, with some projections pointing toward $0.30. Despite this, the market structure remains bearish as DOGE sits in a supply zone and selling pressure has driven the price down to around $0.08. The RSI is at 31 and the DMI at 6.3, indicating continued bearish momentum.
For now, buyers provide some support to prevent a further decline, and DOGE is likely to hover around $0.09, with $0.10 as the upper boundary. A broader market recovery would be needed for a meaningful reversal, including reclaiming the $0.15 demand zone.
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