Dogecoin Holds Key Support Near $0.215 as Buyers Step In After Sharp Decline
Dogecoin (DOGE), the popular meme cryptocurrency, has shown resilience after a notable 9.7% drop, finding solid footing near the $0.215 support level amid renewed buying interest.
The token fell from $0.237 to a low of $0.214 before buyers entered the market, creating what analysts call a “panic zone retest” around $0.215. This level has so far held firm, resisting further selling pressure and providing a foundation for potential recovery.
Technically, DOGE is trading within a falling wedge pattern—a chart formation often signaling a bullish reversal once price breaks above the upper trendline. The Ichimoku cloud on short-term charts places DOGE in equilibrium territory, with several indicators aligning to form tight support and resistance zones between $0.212 and $0.225.
Traders are closely watching the descending trendline resistance near $0.219–$0.220. A clear breakout above this level could open the door for gains targeting the $0.235–$0.244 range. Conversely, if DOGE fails to maintain support, it could revisit lower levels near $0.20 or even $0.185.
Technical Highlights:
- DOGE has been moving within a descending channel capped by resistance near $0.235, where sellers have repeatedly emerged.
- A key support zone formed between $0.215 and $0.217, confirmed by a volume spike around the 13:00 hour.
- A sharp V-shaped reversal emerged at $0.215 around 13:14, followed by steady accumulation of buying pressure.
- Trading volume surged past 10 million units around 13:30, fueling a strong upward move.
- New support has been established at $0.218, supported by multiple high-volume candles indicating robust buyer interest.
- Overall price action reflects ongoing bearish momentum tempered by periods of consolidation.
Dogecoin’s price action in the coming sessions will be crucial to confirm whether this support can hold and if bullish momentum will regain control.
