Dogecoin dropped 1.2% over the past day, weighed down by a 10% plunge in trading volume and sustained selling pressure. About 35 billion DOGE tokens bought near $0.081 continue to create a major supply barrier, preventing a bounce despite earlier buy signals.
The memecoin’s price recently dipped below $0.0695 on the 4-hour chart and remains trapped in a descending channel. Technical indicators like RSI at 42 and a low OBV reading confirm persistent bearish momentum. This has left DOGE vulnerable to further declines, with key support levels at $0.078 and $0.057 levels that date back to previous years.
Dogecoin’s long-term trend stays negative. Unless Bitcoin turns around or overall market sentiment shifts bullish, the token is unlikely to escape the current downtrend. Traders still favor selling as the memecoin struggles to clear the heavy supply overhead concentrated around 8 cents.
This content is for informational purposes and is not financial advice.
