Dogecoin forms bearish structure but positive inflows hint at rebound | Credit: Hameem Sarwar
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Key Takeaways
DOGE has dropped 23% from its September peak, consolidating after a period of weeks of gains.
With the MVRV ratio at 57.7%, Dogecoin price sits well below its historical cycle peak.
Positive CMF suggests limited selling pressure and room for a Dogecoin breakout soon.
After hitting a September high of $0.30, the Dogecoin (DOGE) price has slipped into consolidation mode. At press time, the memecoin trades at $0.23, representing a 23% decline from its peak.
This pullback reflects the natural cooling of the market after weeks of explosive upside.
Historically, DOGE has followed a similar pattern — pausing after major rallies before resuming its upward momentum for the next breakout attempt.
Despite the decline, signals suggest a rebound may be forthcoming.
Dogecoin Triangle Trendline Tested
On the 4-hour chart, Dogecoin’s Relative Strength Index (RSI) sits at the neutral 50 mark. This midpoint reading shows that neither buyers nor sellers currently dominate, leaving room for accumulation to build quietly.
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Typically, an RSI above 50 signals bullish momentum, while a drop below 50 hints at weakening demand.
This puts DOGE at a crossroads, with the market waiting for the next catalyst to spark direction. So far, buyers haven’t stepped in aggressively enough to trigger a strong reversal.
However, a closer look at the chart reveals that the memecoin is approaching the upper trendline of a descending triangle. Nevertheless, the Chaikin Money Flow (CMF) offers a buffer against deeper declines.
At the current level, the ratio suggests that holders are far from extreme profit-taking zones, meaning the market is not overheated.
Due to this position, there could be considerable room for DOGE price appreciation in the mid- to long-term.
DOGE Price Outlook: Mixed Signals
Regarding the short-term outlook, CCN examined the daily chart. On the daily chart, Dogecoin’s price appears to be gravitating toward the $0.20 support level, a zone that could act as the bottom.
This move comes after DOGE formed a head-and-shoulders pattern, a bearish structure that signals potential downside. However, as it stands, DOGE is unlikely to drop below the neckline at $0.22.
If sustained, this could trigger a rebound. A clean breakout above the $0.24 resistance could confirm the reversal, leaving DOGE price open to testing $0.27.
However, intense selling pressure could invalidate this bias. In that scenario, the memecoin might decline to $0.18 near the $0.236 Fibonacci retracement level.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
