the Dogecoin price The memecoin continues to face downward pressure as it approaches yearly lows, reflecting broader weakness in the cryptocurrency market. DOGE fell almost 4% in the last session and is now trading near a crucial support area around $0.078, a level that could decide its next major move.
With the price breaking below key support and momentum indicators flashing weakness, investors are now wondering whether Dogecoin can stage a rebound or whether the decline will extend deeper before the monthly close.
DOGE price breaks key support as sellers remain in control
The daily chart shows that Dogecoin is losing a major support area between $0.088 and $0.089, which previously served as a strong accumulation zone over the past few months. This breakdown indicates a shift in market structure, as DOGE continues to form lower highs and lower lows. The price is now testing the next major demand zone between $0.078 and $0.080, which appears to be the last major support before a potential return to yearly lows.
Historically, this area has attracted buyers, making it a critical level to watch in the short term. However, if this support fails to hold, selling pressure could quickly accelerate.
The Relative Strength Index (RSI) fell to 29, putting DOGE in the oversold zone. While the MACD remains below the zero line, reinforcing the broader downtrend. Although the chart has begun to flatten slightly, suggesting that selling momentum may be slowing, there is still no confirmed bullish crossover to support a stronger recovery. Together, these indicators suggest that the market remains under pressure, as the bulls still lack conviction.
What’s next for DOGE price before the monthly close? Can Dogecoin be redeemed?
Dogecoin is approaching a critical turning point as the month draws to a close. The current structure indicates that the token is still under intense downward pressure. However, the lack of volume resulting from the panic suggests that this may be a controlled correction rather than a complete capitulation event.
The most realistic short-term scenario appears to be a period of consolidation around the $0.078 area, with the possibility of liquidity rushing towards $0.074 before buyers attempt to recover.
For Dogecoin to regain bullish momentum, buyers need to reclaim the broken support near $0.088 which could open the way towards the next resistance at $0.096. If DOGE can break above $0.096, it may attempt a stronger recovery towards $0.105, which remains the next major upside barrier.
On the downside, failure to defend the current support at $0.078 could lead to a sharp decline towards $0.074, followed by $0.070. If market sentiment worsens, DOGE may revisit yearly lows near the $0.065 to $0.068 range.
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