Dogecoin (DOGE) came under renewed selling pressure this week, dropping 4.62% to trade near $0.106. The price fell below the $0.110 threshold and the 100-hourly simple moving average, placing bears firmly in control. A rising wedge pattern on the 4-hour chart suggests further downside, with a potential breakdown targeting the $0.103 area. Technical indicators are also bearish: the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) are trending lower, signaling weakening momentum.
Despite the short-term weakness, DOGE exchange-traded funds (ETFs) saw a modest revival of institutional interest. After a week of zero flows from April 28 to May 4, inflows returned on May 5 and 6, totaling over $600,000. The ETFs, which debuted last year as the first meme coin vehicle on Wall Street, tend to see sporadic activity compared to Bitcoin ETFs.
Market data shows that heavy long liquidations near the $0.105–$0.106 zone exacerbated the decline. According to a liquidation heatmap from CoinAnk shared by analyst CW on X, a dense cluster of leveraged long positions was wiped out as price slid from $0.117 to $0.105 between May 6 and May 8. This forced selling added downward pressure. If DOGE fails to hold the $0.105 area, a further drop toward $0.088–$0.082 could unfold.
On the upside, key resistance levels sit at $0.1085 (bearish trend line), $0.1115 (50% Fibonacci retracement), and $0.1132. A break above these levels is needed to shift the short-term outlook. Meanwhile, analysis of the weekly chart reveals a more constructive picture. Trader Moe on X highlighted a rounded base forming near the $0.09–$0.11 zone, similar to historical patterns that preceded explosive rallies toward $0.90. For the bullish structure to remain viable, DOGE must defend the $0.10 psychological support and eventually reclaim $0.125 to build higher weekly momentum.
