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Dogecoin's price is hovering around a key support zone, with analysts monitoring whether the cryptocurrency will continue to trade above $0.22. Dips below this support suggest that a pullback towards the lower leg of the former pattern may be cleared. As long-term sell signals remain in pressure, a break above $0.27 could be probable.
The current price of Doge is $0.2289, which is down 14.48% in the past week. The memecoin has been trading between $0.2055 and $0.3056 over the last 30 days and is closer to the lower limit of this range. Market watchers note that a sustained close above $0.25 may pave the way for resistance at $0.2737. Conversely, a breakdown below $0.2312 could lead prices to test $0.21 or lower.
Technical indicators give conflicting signals. The 14-day RSI is currently trading at 45.46, indicating weakening momentum but not yet oversold territory. Meanwhile, the simple moving averages (SMA) at 50-day and 200-day levels, $0.2348 and $0.1999, respectively, serve as double support structures that still support long-term price stability.
Institutional activity is emerging as a potential catalyst for DOGE. The recent launch of the Rex-Osprey Doge ETF is expected to attract new capital flows, particularly if macroeconomic conditions normalize. Analysts believe that such products can offer new liquidity, but the immediate impact is unclear.
However, recent market-wide liquidations suggest continued fragility. From a cryptocurrency price movement perspective, a total of $848 billion in positions were liquidated, with Bitcoin and Ethereum being the worst performers. DOGE lost almost $360k in one session on September 26, dropping to $0.221, and then bounced back a little. There is some accumulation at the lower levels based on volume, but the selling pressure remains strong in the short term.
DOGE price movement closely mirrors the overall movements in the altcoin market. The CMC Altcoin Season Index has dropped to 62/100 from 78, indicating that there is smaller demand for non-Bitcoin assets. However, DOGE is still well above its 200-day SMA, which is reinforcing its long-term bullish prospects. From a historical perspective, DOGE is trading 69% below its all-time high of $0.7376; however, it has increased by more than 265,000% from its all-time low in 2015.
Regulatory developments and Federal Reserve monetary policy will play critical roles in shaping the next phase of DOGE's movement. The support level at $0.245 is still at the core of short-term predictions. A decisive breakout will set the cryptocurrency up for a move towards $0.27, while a failure to hold could continue declines towards the $0.20 level.
Also Read: Dogecoin ETF Launch Marks Big Step from Meme to Wall Street
