Dogecoin (DOGE) has broken below the crucial psychological and technical support level of $0.10, triggering heightened volatility and bearish sentiment among traders. The memecoin dipped to a low of $0.095 before a slight rebound to approximately $0.099, but market indicators suggest sellers remain firmly in control.
Market analysis reveals a sustained bearish dominance, with the Bulls and Bears power indicator showing bears holding a score of 64 versus just 9 for bulls. This imbalance has persisted for over thirty consecutive days since January 19. The Buyer-Seller Strength indicator further confirms the pressure, rising to 68, signaling persistent downward momentum.
On-chain data from crypto analyst Ali Martinez highlights two critical support levels to watch: a minor threshold at $0.096 and a major "deep demand wall" at $0.074. The URPD (UTXO Realized Price Distribution) metric identifies these as zones where significant amounts of DOGE were purchased. A break below $0.096 could signal a shift in short-term sentiment, while a failure to hold $0.074 may trigger accelerated selling.
Exchange activity underscores the bearish trend, with sell volume consistently outpacing buys. Over the last five days, DOGE recorded 697 million in sell volume compared to 619 million in purchases, creating a negative Buy-Sell Delta of -78 million. Technical oscillators like the Price Momentum Oscillator (PMO) and the Relative Strength Index (RSI), which has lingered below 50 for over a week, reinforce the sustained downward pressure.
Traders are advised that for any meaningful recovery, bulls must reclaim and stabilize DOGE above $0.10, with a firm hold above $0.11 needed to shift market structure. Failure to do so leaves the coin at risk of testing lower supports at $0.092, $0.09, and potentially the critical $0.074 level.
