Recent market performance has been poor, with DOGE dropping over 4% in the last 24 hours and briefly falling below the critical psychological level of $0.10. Nevertheless, some analysts believe the overall situation resembles previous cycle bottoms.
DOGE Price Approaching Long-Term Macro Support
Cryptocurrency analyst Trader Tardigrade points out that Dogecoin is still in what he calls the "optimal accumulation" phase.
According to the monthly chart, DOGE's price appears to be repeating the cycle from 2025 to 2026, undergoing several months of consolidation as it loses momentum ahead of a recovery in 2024.
Another analyst, Bitcoinsensus, notes that DOGE is retesting an ascending support trend line that has been maintained for over a decade. Each major Dogecoin bear market has ultimately found support near this trend line, followed by a strong rebound.
Currently, DOGE is trading in the $0.105-$0.106 range, right near this historical support area. Traders are still hoping for stronger confirmation signals to confirm this as the final bottom, but many are closely watching this formation as the chart structure is very similar to previous accumulation periods.
Short-Term Momentum Remains Weak
However, the short-term market still appears shaky. DOGE's price has come under pressure after derivatives traders began actively unwinding leveraged long positions. The funding rates on major exchanges quickly shifted from bullish to bearish, further increasing selling pressure in the market.
In the latest drop, over $1.22 million in DOGE long positions were liquidated, while Binance's spot trading volume reportedly surged to nearly five times the average during the sell-off.
We also analyzed the technical structure, noting that DOGE's price has lost the lower boundary of its multi-week ascending channel. This breakout has weakened bullish momentum and further plunged market sentiment into panic.
Currently, the next major support level traders are watching is around $0.094. If the price breaks below this support area, it may continue to move downward, attracting sellers into the $0.088 region. Bears need to reclaim the resistance area of $0.102-$0.106.
Dogecoin Struggles to Move Beyond Meme Narrative
Development is still ongoing regarding the upgrade of the DogeOS software to integrate new features.
