Dogecoin (DOGE) Price Plunges Amid Technical Shifts and Whale Activity

Dogecoin (DOGE) has seen better days. It recently slipped below an old ascending parallel channel, marking a major technical shift. This move also follows rejection from the Fibonacci 0.786 retracement level at $0.16395, offering a bearish signal.

Major support is seen at $0.06167 and $0.060, below which more declines may follow. In the event of a breakdown, analysts anticipate a 59% drop at this level.

However, there's a recent sign of hope as a bullish divergence pattern forms on the daily chart. This pattern indicates waning selling pressure and may be speculating on a reversal.

Dogecoin Price Trend of Last 24 Hours

DOGE Price has seen some action bouncing off the lower range but faced resistance at around $0.155. Meanwhile, $0.130 has seen some strong support with buyers showing interest in this range. The current price action is seen at around $0.148, consolidating between these levels. Most of the indicators show no clear market direction. In the MACD chart, several death crosses have been followed by golden crosses, indicating changing market momentum.

Chart 1, analysed by Anushri Varshney, Published on TradingView, April 8, 2025

Death crosses, as they’re called, usually indicate bearish sentiment with potential correction; golden crosses prescribe short-lived bullish recoveries. Similarly, RSI movements have seen overbought and oversold zones being hit and recovered from, showing saturation within the market and short-term reversal. For this moment, Dogecoin is under pressure from bearish patterns. A good break above resistance at $0.155 will be needed to sustain bullish momentum. Failure will pressure key support at $0.130 with retests, possibly even lower. These movements are in line with a recent proposal for a potential continuation bear or recovery depending on whale activity and general market sentiment. Waiting to analyze traders for sustained volume/price action and key breakout levels will decide whether Dogecoin might rise from here or continue to drop. Its outlook remains bleak.

Dogecoin at a Crossroads: Will Volatility Trigger a Major Price Move?

The doge price remains in a state of uncertainty as it continues to grapple with volatility. Analysts have set a very broad outcome range for 2025, with some forecasts claiming DOGE can reach $1.72, while others think it might fall to $0.81. However, the crypto news reveals the speculation and having very little real-world adoption makes it challenging for sustained growth. According to technical indicators, the current sentiment is bearish, but there are signs of a bullish divergence that encourage a reversal. As the market continues to develop, investors are keeping a close watch on key levels and whale activities to determine the Dogecoin network in the future.