Dogecoin (DOGE) continues to face heavy selling pressure, with the OG meme coin trading near $0.086 on June 5, a 4.48% decline over 24 hours and a 25.25% loss over the past month. The price has fallen below the previously important $0.10–$0.12 range, and now hovers just above the crucial support level at $0.0883 identified by analyst Ali Charts.
Ali Charts said DOGE reached his $0.0883 target and is now testing the lower boundary of a descending channel. “As long as this support holds, I think a recovery toward $0.1019 and $0.1156 remains likely,” he stated. However, he cautioned that a breakdown could expose the next major supply zone near $0.067. The RSI sits at 21.72, deep in oversold territory, and the MACD remains bearish, with the line at -0.00404 and the signal line at -0.00224, indicating that sellers still dominate short-term momentum.
Derivatives data from Coinglass shows futures volume down 7.89% to $2.08 billion and open interest falling 4.85% to $1.04 billion, suggesting traders are cutting leveraged exposure. In contrast, options volume surged 171.59% and options open interest rose 42.23% to $600,650, hinting that some participants are hedging or speculating via options.
On the weekly chart, analyst Celal Kucuker highlights a potential long-term trend reversal. DOGE recently broke above a multi-month descending channel near the $0.087–$0.090 support region. A rounded bottom formation and a bullish MACD crossover signal improving momentum. If this support holds, the analysis projects a move toward $0.27855 resistance and possibly a massive rally to the psychological $1.00 mark—a gain of over 900% from current levels. However, a sustained move below $0.087–$0.090 would invalidate the breakout and shift focus back to lower supports.
