Dogecoin is exhibiting clear intraday weakness, with its price breaking below the critical $0.127–$0.128 support zone. The cryptocurrency is trending lower, marked by a sequence of lower highs and lower lows. Selling pressure intensified following this breakdown, firmly shifting momentum in favor of the bears and driving DOGE towards the $0.123 area, where it is currently attempting to stabilize. While declining trading volume may suggest a potential for short-term selling exhaustion, the overall market structure remains bearish. A significant recovery would necessitate a decisive move back above the $0.127 region to restore bullish confidence among investors.
At the time of this report, Dogecoin was trading at $0.1237, reflecting a 4.28% decrease over the past 24 hours.
Dogecoin Holds $0.11 Support as Wave 5 Expansion Setup Builds
Recent analysis from Crypto Patel indicates that Dogecoin is currently trading within a major high-timeframe accumulation zone. This pattern closely mirrors the structure observed prior to its significant parabolic rally between 2020 and 2021. Historical charts reveal a repeating macro fractal where extended consolidation preceded a powerful impulsive move that previously delivered gains exceeding 26,000%. With the price now compressing following a completed Wave 1–2 advance and a Wave 3 peak near $0.484, the current market structure suggests that Dogecoin may be positioning itself for the final expansion phase of the current cycle, provided that demand continues to hold steady.
From a structural standpoint, DOGE is presently in a Wave 4 corrective phase. It is trading within a descending channel rather than experiencing a breakdown, which is interpreted as a sign of accumulation rather than distribution. Crypto Patel emphasizes the $0.115–$0.09 range as a strong higher-timeframe demand zone, where buyers are anticipated to defend the price, consistent with previous cycle behavior.
As long as Dogecoin maintains higher-timeframe closes above the $0.06 level, the broader bullish structure is expected to remain valid. This scenario keeps the potential for a Wave 5 impulsive move towards higher macro targets intact.
Dogecoin Price Slides Below $0.13 as Bearish Trend Persists
On the 1-day timeframe, Dogecoin is currently trading within a clear downtrend. This trend is characterized by a consistent sequence of lower highs and lower lows established since its peak earlier in the year. The price action has gradually weakened, with DOGE presently hovering around the $0.12–$0.13 area after multiple failed attempts at recovery.
Recent price candles show consolidation near local support levels, which suggests that selling pressure may be slowing down. However, there is still no confirmed trend reversal evident in the market. Overall, the prevailing market structure remains bearish to neutral until Dogecoin can successfully reclaim higher resistance levels and establish a sustained higher low.
From an indicator perspective, momentum remains subdued. The MACD (Moving Average Convergence Divergence) is trading below the zero line, with its signal and MACD lines converging. This convergence indicates weakening bearish momentum but does not yet signal a bullish crossover. The MACD histogram has begun to contract, which could precede a short-term relief bounce if buying volume increases. Concurrently, the RSI (Relative Strength Index) is trading below the neutral 50 level, signaling weak momentum and mild oversold conditions.