Dogecoin [$DOGE] is down 1.2% in the past 24 hours, with a daily trading volume decline of 10.3%. The Open Interest has also declined by 1.3% for the leading memecoin, and the sector has shed 4.4% over the past week compared to Bitcoin [BTC], which was down 3.2%.
A rare Dogecoin buy signal has not yet resulted in bullish price moves. The bulls were so weak, and selling pressure was sustained so much that a short squeeze toward $0.080 has not yet come about either.
The $DOGE UTXO Realized Price Distribution [URPD] identified $0.081 as a key overhead resistance zone. About 35 billion tokens were purchased at that price level.
Swing traders need to keep an eye on Bitcoin and the market sentiment after the dust from the FOMC rate decision settles down. At the same time, the long-term price trends remain bearish.
Dogecoin set to continue the relentless downtrend
The $0.088, $0.078, and $0.057 are the key support levels to watch in 2026. The latter two supports date back to 2024 and 2023, and one of them has already been breached and tested as resistance.
Structurally, too, Dogecoin was in a bearish trend on the weekly timeframe. As things stand, the charts leave room for a retest of the $0.057 support if current selling pressure persists.
Traders’ call to action- Sell
The leading memecoin was a fair distance from the $0.081 supply zone. Additionally, it had made a new low below $0.0695 on the 4-hour timeframe the previous week.
At the time of writing, $DOGE was trading within a descending channel in the short-term. The RSI signaled bearish momentum with a reading of 42. The OBV was at the local lows, highlighting steady sell pressure over the past ten days.
The break below $0.0695 reinforced the existing bearish structure, leaving the market vulnerable to additional downside if buyers fail to regain momentum.
A Bitcoin reversal and a bullish market-wide sentiment shift could bring hope to the memecoin sector and help boost prices. There were few signs of such a shift at the time of writing.
Final Summary
- Heavy token supply around $0.081 continues to cap Dogecoin’s recovery despite earlier bullish signals.
- With momentum and the broader trend still pointing lower, buyers have yet to regain meaningful control of the market.