Dogecoin shows clear intraday weakness, with price breaking below the $0.127–$0.128 support zone and trending lower through a sequence of lower highs and lower lows. Selling pressure increased after the breakdown, shifting momentum firmly in favor of bears and driving DOGE toward the $0.123 area, where price is currently attempting to stabilize. While declining volume hints at possible short-term selling exhaustion, the overall structure remains bearish, and a recovery would require a decisive move back above the $0.127 region to restore bullish confidence.
At the time of writing, Dogecoin was trading at $0.1237, down 4.28% over the past 24 hours.
Dogecoin Holds $0.11 Support as Wave 5 Expansion Setup Builds
According to recent data by analyst Crypto Patel, Dogecoin is trading at a major high-timeframe accumulation zone that closely resembles the structure seen before its 2020–2021 parabolic rally. The chart shows a repeating macro fractal in which prolonged consolidation preceded a powerful impulsive move that previously delivered gains of over 26,000%. With price now compressing after a completed Wave 1–2 advance and a Wave 3 peak near $0.484, the current market structure suggests DOGE may be positioning for the final expansion phase of the cycle if demand continues to hold.
From a structural perspective, DOGE is currently in a Wave 4 corrective phase, moving within a descending channel rather than breaking down, which signals accumulation rather than distribution. Crypto Patel highlights the $0.115–$0.09 range as a strong HTF demand zone where buyers are expected to defend the price, similar to prior cycle behavior.
As long as Dogecoin maintains higher-timeframe closes above the $0.06 level, the broader bullish structure remains valid, keeping the potential for a Wave 5 impulsive move toward higher macro targets intact.
Dogecoin Price Slides Below $0.13 as Bearish Trend Persists
On the 1-day timeframe, Dogecoin is trading in a clear downtrend, characterized by a sequence of lower highs and lower lows since its peak earlier in the year. Price action has gradually weakened, with DOGE currently hovering around the $0.12–$0.13 area after repeated failed recovery attempts.
The recent candles show consolidation near local support, suggesting selling pressure is slowing, but there is still no confirmed trend reversal. Overall, the market structure remains bearish to neutral until DOGE can reclaim higher resistance levels and establish a sustained higher low.
From an indicator perspective, momentum remains subdued. The MACD is below the zero line, with the signal and MACD lines converging, indicating weakening bearish momentum but not yet a bullish crossover. The histogram has begun to contract, which can precede a short-term relief bounce if buying volume increases. Meanwhile, the RSI is trading below the neutral 50 level, signaling weak momentum and mild oversold conditions.
Source: https://coinpaper.com/13917/dogecoin-price-falls-to-0-12-analyst-reveals-26-000-pattern
