Dogecoin (DOGE) is currently trading around $0.0807 as of October 17, just above a vital support level at $0.0792. This price action follows a notable decline from late September highs, where DOGE peaked near $0.10.
The daily trading pattern shows that DOGE opened near $0.0807, briefly spiking to about $0.0815 before dipping to approximately $0.0798. As the day progresses, the price remains relatively flat, reflecting a broader bearish sentiment in the market.
DOGE Chart Signals Key Support Test
Recent chart analysis reveals a significant break below a rising trendline that had supported DOGE since the lows in August. This shift has shifted the focus to horizontal support at the crucial level of $0.0792. Historical data indicates that this price point has been tested multiple times. If buying pressure can sustain this support, there is potential for a rebound toward the $0.085-$0.09 range.
However, a daily close beneath $0.0792 would pave the way for further declines, potentially targeting the $0.0680 mark, which aligns with the August base. Conversely, reclaiming the $0.10 level would be necessary to revisit resistance at $0.1174.
Current momentum indicators reflect a bearish outlook. The daily Relative Strength Index (RSI) stands at 35.80, hovering just above the oversold threshold of 30, while the Moving Average Convergence Divergence (MACD) remains in negative territory, suggesting ongoing selling pressure.
Despite these bearish signals, analyst Ali Charts has identified a potential silver lining: the TD Sequential indicator has flashed a buy signal on the DOGE daily chart around $0.081. This signal is noteworthy as it has historically marked turning points for Dogecoin, providing a glimmer of hope for bulls in a struggling market.
ETF Flows and On-Chain Data Insights
In the realm of exchange-traded funds (ETFs), U.S. Dogecoin ETFs reported no net inflows on October 16. This stagnation follows several sessions throughout October without any fresh capital entering the Dogecoin ETFs, contrasting sharply with a record inflow of $2.89 million in the week ending September 25.
On-chain data presents a more stable picture compared to price movements. As of October 13, the number of transactions surged to 32,258 but then eased to 22,450 and 22,814 over the following days. Active addresses averaged 33,325 per day from October 5 to 11, indicating sustained interest in the asset.
Large transfers continue to dominate the landscape, with approximately 1.93 billion DOGE moving in transactions of at least one million DOGE in a single day. The top 10 addresses hold around 44.1% of the total supply, reflecting a slight decrease from previous levels.
One of the critical projects to monitor within the Dogecoin ecosystem is DogeOS, which launched its public testnet at the end of September. This EVM-compatible zero-knowledge rollup aims to empower developers to create trading platforms, lending applications, stablecoins, and gaming experiences, utilizing DOGE for transaction fees. The testnet has introduced various applications, including lending, trading, and gaming, though it has yet to generate a significant price movement.
What’s Next for DOGE?
As the market continues to evolve, the critical level to watch for DOGE is $0.0792. Holding above this threshold could facilitate a bounce toward the $0.085-$0.09 range. Conversely, if the price breaks below $0.0792, it could signal a drop toward $0.0680. Reclaiming $0.09 would indicate an improvement in short-term momentum and could provide a much-needed boost for DOGE investors.
