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The Dogecoin price climbed 2.64% in the last 24 hours to trade at $0.1717 as of 11 p.m. EST on a 26% plunge in trading volume to $1.02 billion.

The price of Dogecoin (CRYPTO: DOGE) is up 2.64% over the last 24 hours to $0.1717 on a 26% decrease in trading volume. This continues yesterday’s price action, which saw the meme coin's price rise by over 10%.

It is now trading at 72.68% below its 52-week high of $0.686 in March of 2023 and at 256.31% above its 52-week low of $0.15 in December of 2022.

What Happened With Dogecoin This Week?Crypto influencer Ali Martinez, who has 132.9K followers on X, notes that DOGE active addresses have increased about 48% in the past month from 110,000 to 163,000.

Dogecoin Price Analysis: Key Support Level

The Dogecoin price is currently being observed around the critical support zone ranging from $0.16 to $0.17. This level has emerged as a crucial battleground.

If buyers manage to defend these prices, there is potential for a rebound towards the resistance levels located between $0.20 and $0.25.

A breakout above $0.25 could generate significant optimism among traders, potentially driving the price further toward the resistance levels identified between $0.30 and $0.35.

However, if the price fails to hold above the support and continues downward, we might see further weakness pushing DOGE towards the next key support zone identified between $0.12 and $0.14.

The Relative Strength Index (RSI) stands at 36.32, approaching oversold territory but still above the 30 threshold. This reading indicates that, despite the bearish momentum, the asset is not yet in a deep oversold state, which might suggest an impending turnaround.

The broader market sentiment surrounding Dogecoin is unfolding with a cautious outlook. The formation of the bearish channel, combined with the breakdown of the $0.30 neckline, signals that a period of consolidation or further price decline might be on the horizon.

At the same time, the possibility of a double-top pattern emerging from the $0.50 high and the potential for a double bottom to form as the price tests the $0.16-$0.17 support level presents a glimmer of hope for a bullish reversal, although this remains speculative until confirmed by sustained price action.