Dogecoin (DOGE), the leading memecoin by market cap, is testing a long-term support zone that previously preceded one of its strongest rallies, raising hopes that its prolonged price decline may be approaching exhaustion.
As of Tuesday, Aug. 4, DOGE was trading near $0.07, down roughly 85% from its late-2024 peak around $0.48. The memecoin also remained below its major weekly exponential moving averages, confirming that sellers still control the broader trend.
However, Dogecoin is now approaching the $0.048–$0.063 range, as shown via the red zone below. This area is down about 30% from the current price levels, and it served as a major accumulation zone between 2022 and early 2024.
DOGE rebounded approximately 224% after testing the zone in June 2022. Its later return to the same support area preceded an even larger 887% rally toward $0.48.
The potential retest, which may come by the US mid-term election in November, raises the possibility of another macro rebound, particularly as Dogecoin's weekly relative strength index (RSI) may also decline below the oversold threshold of 30 by then.
#term #price
As of Tuesday, Aug. 4, DOGE was trading near $0.07, down roughly 85% from its late-2024 peak around $0.48. The memecoin also remained below its major weekly exponential moving averages, confirming that sellers still control the broader trend.
However, Dogecoin is now approaching the $0.048–$0.063 range, as shown via the red zone below. This area is down about 30% from the current price levels, and it served as a major accumulation zone between 2022 and early 2024.
DOGE rebounded approximately 224% after testing the zone in June 2022. Its later return to the same support area preceded an even larger 887% rally toward $0.48.
The potential retest, which may come by the US mid-term election in November, raises the possibility of another macro rebound, particularly as Dogecoin's weekly relative strength index (RSI) may also decline below the oversold threshold of 30 by then.
#term #price
1 day ago
