Dogecoin price tests support as DOGE long liquidations rise, while the weekly chart shows a possible rounded base setup.
Dogecoin (CRYPTO: DOGE) climbed around 14% over the past month, but traders are warning the move may still be a short-term recovery rally rather than the start of a full bull run. Analysts Eye Major Resistance Ahead Crypto analyst Kevin said Dogecoin's rebound looks more like a countertrend rally inside a broader uncertain market structure.
Dogecoin faces mounting selling pressure this week following a decline exceeding 4%, bringing the meme cryptocurrency to approximately $0.106. The asset has breached the $0.110 threshold and fallen below its 100-hour simple moving average, placing bullish traders in a defensive position.
Dogecoin started a fresh decline below the $0.1120 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1085 and $0.1115.
Bitcoin pulled back from this week's $81,500 high after U.S. forces fired on Iranian targets, while crypto futures markets logged their 67th straight day of negative funding rates, the longest streak in a decade per K33 Research.
Dogecoin (CRYPTO: DOGE) dropped 4% as spot ETF inflows accelerated to $227,210 on May 6, with institutional accumulation building despite the pullback. ETF Accumulation Accelerates Through The Dip DOGE spot ETFs recorded $227,210 in inflows, with 21Shares TDOG (NASDAQ:TDOG) leading as the only active product seeing real flows.
Dogecoin's rebound from recent lows has carried the memecoin into a dense resistance area, with crypto analyst Kevin of Kev Capital TA warning that the move remains a “counter trend rally” unless Bitcoin confirms a broader market reversal. In a May 6 market update, Kevin said Dogecoin's recovery has so far played out in line with his prior view that the asset was likely to see a rebound from deeply oversold levels.
Dogecoin price holds key support as DOGE charts show breakout pressure building, with potential upside targets at $0.30 and $0.70.
Dogecoin is trading around $0.11 with a market cap near $18.9 billion and more than $2.6 billion in 24‑hour volume, still sitting over 80% below its 2021 peak but firmly inside the top‑10 coins by size.
Dogecoin has rallied over the past month after valiantly defending $0.088 following February's crash.
Ali Martinez, a leading cryptocurrency analyst and trader, said on Wednesday that they recorded profits after Dogecoin (CRYPTO: DOGE) hit their target at the top of a price channel. Plan Comes To Fruition Martinez had flagged $0.1172 as their “technical target” on April 22.
Dogwifhat (CRYPTO: WIF) has surged more than 25% after South Korea's largest crypto exchange Upbit announced a token listing. Upbit Opens WIF To Korean Market Upbit revealed plans to list dogwifhat on May 6, sparking massive reactions within the crypto community.