Dogecoin's intraday performance is weak, with the price breaking below the support area of $0.127-$0.128 and continuing to decline, forming a series of lower highs and lower lows. After breaking the support area, selling pressure increased, and market momentum clearly shifted to bearish, with the Dogecoin price dipping to the $0.123 area, currently attempting to stabilize in that region. Although the decrease in trading volume suggests that short-term selling may have ended, the overall structure remains bearish, and the price needs to rebound strongly above $0.127 to regain bullish confidence.
At the time of writing, the trading price of Dogecoin was $0.1237, having dropped by 4.28% in the last 24 hours.
Dogecoin holds the support level at $0.11, and the fifth wave expansion plan is in the works.
According to the latest data from analyst Crypto Patel, Dogecoin is currently in an important long-term accumulation zone, whose structure is very similar to the pattern before the parabolic rise in 2020-2021. The chart shows a repeating macro fractal, where a strong impulse rise follows a long-term consolidation, with previous gains exceeding 26,000%. After completing the first wave, second wave rise, and the peak of the third wave near $0.484, the price is currently in a consolidation phase. The current market structure suggests that if demand continues to hold, Dogecoin may be preparing for the final expansion phase of the cycle.
From a structural perspective, Dogecoin is currently in the correction phase of the fourth wave, operating within a descending channel rather than breaking below it, indicating that prices are in an accumulation phase rather than a distribution phase. Crypto Patel points out that the range between $0.115 and $0.09 is a strong demand area on a high time frame, and it is expected that buyers will defend prices in this area, similar to previous cycle behavior.
As long as Dogecoin closes above $0.06 on a high time frame, the overall bullish structure remains intact, and the potential for the fifth wave to push prices towards higher macro targets still exists.
Dogecoin price has fallen below $0.13, and the bearish trend continues.
From the daily chart, Dogecoin shows a clear downward trend, continually making lower highs and lower lows since reaching a peak at the beginning of the year. The price movement has gradually weakened, and after several failed rebound attempts, Dogecoin is currently hovering in the range of $0.12 to $0.13.
Recent candlestick charts show that prices are consolidating near local support levels, indicating that selling pressure has weakened, but a trend reversal has not yet been confirmed. Overall, the market structure will remain bearish to neutral until Dogecoin reclaims a higher resistance level and establishes a sustained series of higher lows.
From the indicators, momentum remains weak. The MACD indicator is below the zero line, with the signal line and MACD line converging, indicating a weakening of bearish momentum, but a golden cross has not yet formed. The histogram has begun to contract, and if buying volume increases, this may signal a short-term rebound. Meanwhile, the RSI indicator is below the neutral level of 50, indicating weak momentum and is in a slightly oversold state.
