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The price trend of Doge has been under tremendous pressure, as the support level of $0.175 failed to hold, causing it to fall towards the critical region. The latest daily chart closed with a lower candle after rebounding from $0.143, but the technical analysis on Doge's price warns that volatility may further increase.
Although Doge briefly rebounded from $0.143 in the past 24 hours, there is still a risk of further decline. Notably, crypto analyst Trader Tardigrade pointed out in his analysis that there is more work to be done for Doge's price reversal.
Price Drops to $0.143: Temporary Rebound or Weak Recovery?
Crypto analyst Trader Tardigrade emphasized Doge's interaction with the $0.143 support level and noted that the daily chart formed a lower candle wick at $0.14297 before the rebound. This development suggests that buyers stepped in at this price level to prevent further collapse. However, Tardigrade warned that this price drop alone does not confirm a sustained recovery. The market may still see further testing of this level, potentially leading to a brief collapse before any meaningful uptrend can emerge.
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The recent decline was a warning issued earlier by Tardigrade, who had identified $0.143 and $0.128 as reversal levels after Doge closed below $0.175. Once this support was lost, sellers took control and pushed the price down. Although Doge has successfully held the $0.143 level for now, the market sentiment remains fragile in the fear zone, and it is unclear whether the latest rebound has enough strength to cause a reversal or if further declines will occur in the coming days.
Will Doge Price Face More Manipulation Before a True Reversal?
Over the past two weeks, Doge has been in a persistent downtrend, reflecting the overall weakness in the crypto market. This sustained decline has caused the leading meme coin to rapidly lose multiple key support levels, essentially wiping out most of the price gains from the last quarter of 2024.
While Doge has become the preferred choice for retail investors compared to Bitcoin and other large-cap cryptocurrencies, investors are currently reducing their exposure to Doge. According to on-chain data, investor sentiment towards Doge is at its lowest level in over a year at -0.93.
Tardigrade's analysis suggests that Doge may still face price manipulation, briefly dipping below $0.143 before rebounding. "The price drop is just the first early sign of a reversal. We still need to monitor the price action," he said.
This view is similar to another crypto analyst who pointed out that Doge may drop to a low of $0.12 in the current downtrend before any significant bullish reversal occurs.
At the time of writing, DOGE is trading at $0.1684, fluctuating in a narrow range between $0.1624 and $0.1726 over the past 24 hours.
