Dogecoin has broken below the key $0.10 support level, trading near $0.098 amid sustained market weakness. Technical indicators and exchange data reveal persistent bearish dominance, with sellers overpowering buyers for over a month. Analysts note the memecoin risks a further decline toward $0.08 if it cannot reclaim the $0.11 resistance.
Dogecoin fell below the $0.10 support, hitting a local low of $0.095 before slightly rebounding. At press time, DOGE was trading at $0.098, reflecting heightened volatility.
The loss of support was driven by heightened sell-side activity as sellers dumped at every opportunity. Data from TradingView shows bears have commanded the market for thirty consecutive days since January 19.
At press time, the Bears’ position was 64 compared to 9 for the Bulls, reflecting a significant gap. This suggests bulls’ presence remains insufficient to sustain a trend reversal.
The Buyer-Seller Strength indicator further supports this, with seller strength hiking to 68. Exchange activity tracked by Coinalyze recorded higher Sell Volume for five consecutive days.
Over the past day, the memecoin saw $697 million in Sell Volume compared to $619 million in Buy Volume. This resulted in a negative Buy-Sell Delta of -78 million, a clear sign of aggressive selling.
Dogecoin’s Price Momentum Oscillator remained negative despite a recent bullish crossover. This suggests most price changes have been negative, signaling a medium- to long-term downtrend.
The memecoin’s Relative Strength Index has remained stuck below 50 for a week, validating bearish momentum. A trend continuation could see DOGE drop to $0.092 and potentially fall to $0.08.
To invalidate this bearish scenario, DOGE must reclaim $0.10 and firmly hold $0.11. Historically, such market behavior has tended to strengthen downside momentum.
