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 Dogecoin rose slightly by about 3% on Wednesday, trading around $0.167, but technical and on-chain data show that bears still dominate and the token is struggling to defend key support at the weekly level. Key support areas face test Dogecoin is currently testing the important accumulation range of $0.15-$0.14 again - a level that has served as effective demand support many times this year. While each previous touch of this area triggered a brief rebound, the latest trend shows that buying power has weakened.  Looking at the broader weekly chart, a downward trend line formed since early 2024 continues to suppress price rebounds, with each upward attempt ending in a new round of selling. Notably, the main supply range of $0.28-$0.42 has not been touched since April, reflecting bulls’ lack of confidence to push prices to challenge higher levels. If the current bottom is lost, the next effective support may drop to around $0.11 - a position that showed its ability to attract funds during the adjustment in March. Technical indicators highlight weakness Dogecoin is currently trading below the major exponential moving averages ($0.182-$0.247 range), with each rebound attempt encountering resistance at the 20-day moving average, indicating continued selling pressure. The Supertrend indicator maintains its red signal, confirming that the downtrend continues. Before the price effectively regains the 20-day moving average, any rebound may become an opportunity for trapped bulls to exit the market, rather than the starting point of a new upward trend.  Fund flow implies allocation tendency Coinglass data shows that net outflows from exchanges exceeded $46 million on Tuesday, and continued to show net outflows of millions of dollars on Wednesday. The dominance of red bars in the monthly fund flow chart indicates that holders are moving DOGE to exchanges - an action typically associated with selling intentions. When the price is close to key support but accompanied by continued capital outflows, it often indicates the risk of structural breakdown. The current weak demand resonates negatively with continued outflow patterns.  Key nodes for future trends If the bulls can successfully defend the $0.150 area, it may push the price to rebound towards the $0.20-$0.21 range in the short term, and may even test the downward trendline pressure. An effective break above this trendline would mark the first sign of strength since September. However, if support at $0.15 finally fails, the downward path will become clear, with the primary target pointing to $0.13 and then down to $0.11. Both of these areas of historical liquidity have shown some buying support earlier in the year. The aviation situation changes rapidly, and the specific entry and exit positions are determined in real time. Just follow the trend if the position is broken! No matter how confident you are, please strictly implement the stop-profit and stop-shoot strategy! That’s all for today! Follow me and don’t get lost!  👉Click to send, see below the article page! 👈 |
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