Dogecoin extended its correction this week, trading near $0.0789 on Thursday after slipping below the psychological $0.0800 level. On Wednesday, DOGE was quoted around $0.08376, having lost 2.70% in 24 hours and 12.14% over seven days. The move came as US inflation data showed headline CPI rose to 3.7% in September, above forecasts of 3.6% and August’s 3.4%, adding to macro uncertainty ahead of the Federal Reserve’s next policy decision.
Technical indicators lean bearish. DOGE trades below all major daily exponential moving averages: the 100-day EMA sits at $0.0859, the 50-day at $0.0871 and the 200-day at $0.0928, with the SuperTrend line at $0.0937. The MACD is below zero, and the daily RSI near 35 is close to oversold territory. On the weekly chart, DOGE holds below the 50-week EMA at $0.1086, 100-week at $0.1310 and 200-week at $0.1335. Traders are watching support near $0.0750 and $0.0700.
Analyst Trader Tardigrade highlighted a longer-term inverse head and shoulders pattern on the monthly chart, with the neckline near $0.10. He noted that a similar structure appeared before Dogecoin’s 2021 surge, when a neckline at $0.00244 preceded a rise to $0.739. A monthly close above the current neckline would be needed to confirm a breakout. In a separate observation, Tardigrade pointed to a rising parallel channel across multiple cycles, where buying below the lower boundary and selling above the upper boundary has historically been the preferred strategy. However, previous rebounds do not guarantee another rally under current market conditions.
Flow data underscores the prevailing caution. Dogecoin spot ETFs recorded outflows of roughly $139,000 on Wednesday and $399,000 the day before, while cumulative inflows stand at $15 million. Futures open interest dipped to 15.2 billion DOGE from 15.5 billion, below October’s high of 16.6 billion. Exchange netflows on OKX, Binance, Gate and Upbit have been frequently negative, meaning more DOGE is leaving exchanges than entering them. While that can reduce immediate sell-side supply, analysts stress it is not a confirmed bullish reversal. Whale tracker DogeGod reported a transfer of 300 million DOGE, worth about $24 million, though the direction of the move remains unclear.
Crypto Patel noted DOGE is retesting a long-term descending trendline and accumulation zone, identifying $0.1186 as key resistance. If a breakout holds, he lists targets of $0.2818, $0.7559 and $2. For now, the $0.0800 level is capping price, and bulls would first need to reclaim the 100-day EMA at $0.0859 to ease downward pressure.
