Descending Channel Keeps Pressure On As Buyers Defend $0.137

• DOGE remains inside a descending channel, trading below all major EMAs as sellers fade every recovery attempt.
• Buyers are defending the $0.137 to $0.135 support zone, but intraday signals show stabilization, not accumulation.
• Broader risk-off sentiment and Bitcoin weakness continue to weigh on memecoins despite mixed on-chain signals.

Dogecoin price today trades near $0.1367 after sliding steadily alongside Bitcoin as traders continue to pare risk exposure across the crypto market. The move leaves DOGE pinned near a key short-term support zone after last week’s breakdown, with sellers still controlling the broader structure while buyers attempt to stabilize momentum.

Macro Shock Pushes Memecoins Into Defensive Mode

The latest leg lower followed a macro-driven shift in sentiment after the Federal Reserve delivered a 25-basis-point rate cut. While the decision itself was expected, divisions among policymakers and renewed inflation concerns triggered a risk-off response across assets.

Bitcoin’s slide below $90,000 over the weekend amplified pressure on high-beta segments of the market. Memecoins underperformed, with Dogecoin seeing accelerated selling despite the absence of DOGE-specific negative headlines. The move reflected positioning rather than fundamentals, as traders reduced exposure amid heightened volatility.

That context matters. Dogecoin’s weakness is part of a broader de-risking cycle rather than an isolated breakdown.

Trend Structure Remains Bearish On The Daily Chart

On the daily chart, DOGE continues to respect a clear descending structure that has guided price lower since the October peak near $0.31. Each recovery attempt over the past two months has failed beneath falling resistance, reinforcing seller control.

Price remains below all major moving averages. The 20-day EMA sits near $0.144, followed by the 50-day EMA around $0.159. The 100-day and 200-day EMAs are far overhead at $0.179 and $0.194, respectively. This stacked EMA alignment keeps rallies capped and confirms a bearish medium-term trend.

The Parabolic SAR remains above price, reinforcing downside pressure. Until DOGE can reclaim at least the 20-day EMA, any bounce lacks structural confirmation.

Support is now tightly defined. The $0.137 to $0.135 zone marks the most immediate demand area. This level aligns with the recent session low and a prior consolidation base from early April. A clean break below it would expose the psychological $0.130 handle, followed by deeper downside toward $0.120 if selling accelerates.

Intraday Signals Hint At Short-Term Stabilization

Shorter timeframes suggest downside momentum is slowing, though not reversing. On the one-hour chart, DOGE continues to trade inside a downward-sloping channel, but selling pressure has eased near the lower boundary.

RSI has rebounded from oversold conditions and now hovers in the low-to-mid 50s, indicating stabilization rather than strength. MACD has crossed marginally higher, but remains near the zero line, reflecting weak upside conviction.

These signals point to exhaustion rather than accumulation. Buyers are defending support, but they have not yet demonstrated the ability to push price out of the channel.

For intraday momentum to improve, DOGE needs a sustained move above $0.140. That level marks the midpoint of the current range and the first test of short-term resistance. Failure there keeps price vulnerable to another probe of the lows.

On-Chain Metrics Paint A Mixed Picture

On-chain indicators add nuance to the technical setup. The Network Value to Transaction ratio declined roughly 14% over the past quarter, suggesting improved transaction activity relative to market value. Historically, similar declines have preceded periods of undervaluation.

However, October data showed a spike in NVT to a three-month high near 93.4, signaling a temporary disconnect between network value and transactional demand. This divergence highlights Dogecoin’s volatility rather than confirming a trend shift.

The MVRV ratio remains depressed, with a growing share of addresses sitting at a loss. While this reflects bearish sentiment and ongoing distribution, such conditions have previously acted as contrarian signals once capitulation fades.

Whale behavior mirrors this uncertainty. Some large holders have reduced exposure since October, while others accumulated aggressively in recent weeks. Notably, a transfer of 352 million DOGE from Bybit to unknown wallets suggests selective accumulation beneath the surface, though it has not yet translated into price strength.

Outlook. Will Dogecoin Go Up?

• Bullish case: Holding $0.137 and reclaiming $0.144 would signal short-term stabilization. A daily close above the 20-day EMA opens the door to a recovery toward $0.159, where the 50-day EMA stands.
• Bearish case: A decisive break below $0.135 would confirm continuation of the descending channel. That move exposes $0.130 first, followed by $0.120 if risk-off conditions persist.

For now, sellers retain control of the trend. Buyers are defending support, but until DOGE breaks above its falling resistance, the market remains in correction mode rather than recovery.