The leading meme coin bounced from its intraday low of $0.154 amid a more than 50% decline in trading volume.
However, both on-chain and derivatives data reveal that investor sentiment remains tepid, with waning bullish sentiment among retail and long-term holders.
Once the most-talked-about coin in crypto, DOGE continues to trade significantly below its all-time high of $0.70.
Dogecoin Price Analysis: Holding Key Support Could Spark Recovery
Dogecoin’s daily chart shows the coin consolidating within a broad ascending channel after rejecting the mid-range resistance earlier this month.
The price now tests the horizontal support zone between $0.154 and $0.160. The RSI reads 32.9, placing DOGE close to oversold territory while the MACD histogram continues to flatten.
Source: TradingView
If DOGE holds this critical support, it could move towards $0.26 and eventually $0.48, aligning with the upper boundary of its ascending channel.
A confirmed breakout above that level could open the door to the long-term target near $1. However, a pullback below $0.15 could invalidate the bullish setup and push DOGE back toward $0.095.
Calm Before the Storm?
While sentiment across the Dogecoin market remains bearish, price setup and technical indicators indicate that a potential rebound may be brewing.
Historically, DOGE tends to rise when traders least expect it and if the meme coin can maintain its footing above $0.157, this could be the calm before its next move higher.
