Dogecoin's price action over the past week has been characterized by a clear downtrend, starting around $0.147 and declining to approximately $0.1366. The early part of the week saw minor volatility, but selling pressure dominated from January 8 onwards, stabilizing at lower levels and indicating sustained bearish sentiment.
Technical analysis reveals a potential shift in momentum. The 1-day chart shows DOGE trading within a descending channel, marked by lower highs and lower lows. However, a recent breakout above the 50-day moving average (MA 50) suggests sellers may be losing control, with buyers potentially stepping in. The support zone between $0.12 and $0.13 has held firm, reinforcing a base for a possible upward move.
Analyst Carter outlines several upside targets if the breakout sustains, including $0.153, $0.182, $0.206, $0.240, and $0.280—levels that coincide with historical resistance points and high trading volume. The chart also suggests a strategic sell opportunity near $0.28 as DOGE approaches the upper boundary of the resistance zone.
Meanwhile, analyst Cantonese Cat notes a clear shift in trend on the daily chart. After months of price hugging the lower half of the Bollinger Bands, indicating persistent bearish pressure, DOGE has recently moved above the midline with increased upward momentum. This shift signals a potential trend reversal, with the price now showing stronger bullish behavior and respect for support levels.
In the latest session, Dogecoin traded at $0.14, confined between support at $0.1387 and resistance at $0.1436. Despite a 0.4% drop against the dollar in the last 24 hours, DOGE was up 0.7% versus Bitcoin, trading at 0.051545 BTC. The monthly chart, however, indicates a long-term structural weakness, with price respecting a descending channel that has guided movement over several cycles. The current consolidation near channel resistance mirrors prior phases that preceded deeper pullbacks, framing the recent price boundaries within a broader, recurring pattern.
