Dogecoin price faces critical support at $0.18, with analysts warning that failure to hold this level could trigger a deeper correction.
By Bhushan Akolkar
Edited by Kirsten Thijssen
Updated
2 mins read
The world’s largest meme coin Dogecoin (DOGE) has come under a strong bearish grip, falling 7% over the past week, and is currently flirting with $0.18. Furthermore, the daily trading volume for DOGE has tanked by 51%, and is currently at $1.34 billion. Market experts believe that the Dogecoin price is currently in a do-or-die spot.
Crypto analyst Ali Martinez highlighted that $0.18 is a key support level for Dogecoin price. According to Martinez, maintaining this level could pave the way for a potential rebound toward $0.26 or even $0.33 in the near term.
Dogecoin price tests crucial support | Source: Ali Martinez
Furthermore, the Dogecoin price chart clearly highlights mounting selling pressure with signs of clear weakness. DOGE has flashed a major bearish signal as its Exponential Moving Averages (EMAs) formed a Death Cross.
This crossover occurs when the 50-day EMA drops below the 200-day EMA, confirming weakening upward momentum. The development suggests Dogecoin could be increasingly vulnerable to broader market downturns. As investor confidence softens, analysts warn of rising volatility that may further pressure the asset’s price.
Dogecoin price chart forms death cross | Source: TradingView
Furthermore, on-chain data indicates that whale investors have started offloading large volumes of DOGE. Over the past week, whales have sold approximately 1.05 billion DOGE, valued at more than $180 million.
Notably, addresses holding between 10 million and 100 million DOGE began reducing their positions on October 27, offloading about 800 million DOGE.
Dogecoin Whale Selloff | Source: Santiment
With the crypto market currently on a downward slope, bears are having an upper hand at the moment. However, some market analysts continue to maintain optimism.
Crypto market analyst Bitcoinsensus still believes that the Dogecoin price rally could start from here, while projecting exponential gains from here onwards. According to the analyst, DOGE’s historical price patterns indicate a repeating uptrend, with previous rallies recording gains of 300% and 500%.
DOGE Price eyes exponential rally | Source: Bitcoinsensus
The current cycle, they noted, could extend that move further, with projections pointing toward an 800% increase. Bitcoinsensus set a target price of approximately $1.70 for DOGE if the pattern continues to unfold.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
