Dogecoin (DOGE) is experiencing sustained selling pressure, with its price struggling to hold above key support levels. As of recent trading, DOGE is hovering around $0.1128, having slipped below the crucial $0.12 mark. This downturn has brought the meme coin to test a long-standing ascending trendline that has provided support since mid-2024.
The anticipated institutional demand from Dogecoin spot Exchange-Traded Funds (ETFs) has failed to materialize. Data from analytics platform SoSoValue shows no significant inflows across all three DOGE spot ETFs as of January 29, with total net assets reaching only $10.15 million. This stands in stark contrast to competing altcoins; for instance, Solana ETFs have accumulated nearly $900 million in assets. The lack of ETF inflows underscores a broader absence of institutional interest in DOGE.
Compounding the issue, spot market dynamics remain negative. Coinglass data recorded $10.88 million in net outflows on January 30, continuing a two-month pattern of distribution. This persistent selling suggests investors are offloading positions rather than accumulating DOGE at lower levels, with the lack of a clear catalyst—such as renewed high-profile endorsements—allowing sellers to dominate.
Technically, the picture is bearish. Dogecoin's price trades below all major exponential moving averages (EMAs), signaling a weak market structure. Key momentum indicators, including the Awesome Oscillator and the MACD, are flashing sell signals. The RSI is approaching oversold territory but has not yet signaled a reversal. The price is caught in a narrowing wedge pattern, bounded by a descending trendline from September 2024 and the long-term ascending support line. A decisive break below this crucial trendline could trigger a major downturn, with potential support zones seen between $0.08 and $0.09.
Amid this bearish backdrop, some analysts offer contrasting optimism. Influencer Kamran Asghar has pointed to a coiling pattern in DOGE's price structure on social media platform X, predicting a potential breakout that could propel the price toward $0.14 in the near term. However, this bullish projection currently clashes with the prevailing technical and on-chain evidence of weakness.
