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Dogecoin trades near key support as weekly chart shows third trendline touch, hinting at potential rebound.
As the crypto market continues to face heightened volatility, Dogecoin ($DOGE) has not been immune to recent downturns. $DOGE is currently trading at $0.1611, reflecting a 11.7% decline over the past seven days. This notable drop highlights recent bearish sentiment surrounding the broader market.
The 7-day price chart shows a clear downward trend, with a significant dip occurring around November 13, where $DOGE fell steeply on the back of a broader market collapse. Although the price shows some signs of recovery, the overall movement for the week remains negative.
Dogecoin Price Analysis
Technically, Dogecoin’s 1-day chart is showing signs of consolidation just above a key support area. At the time of analysis, $DOGE is trading around $0.161, below the 0.236 Fib level at $0.16541, which has acted as resistance over the past few days.
A break above this level could open the door to the next resistance zones at $0.17384 (0.382 Fib) and $0.18066 (0.5 Fib), while failure to hold the support at $0.1578 may see price retesting the recent low or even moving lower.
Additionally, the Relative Strength Index (RSI), currently reading at 37.93, suggests that $DOGE is approaching oversold territory, with the traditional oversold threshold sitting at 30. This level indicates that sellers may be losing momentum, and a reversal or relief bounce could be on the horizon if buying interest returns.
Dogecoin Weekly Chart
Elsewhere, according to Trader Tardigrade, Dogecoin is currently showing a potentially significant technical development on the weekly chart. The latest weekly candle has closed right on a key support trendline around the $0.15 region, marking the third touch of that trendline.
This current setup is being compared to a similar price structure observed between 2023 and 2024, which preceded a slow but steady bull run as part of Dogecoin’s broader 2021–2026 market cycle. The implication is that $DOGE may once again be positioning itself at the early stage of a larger bullish move, provided this support level continues to hold.