Dogecoin Tests Key Demand Zone Following 19% Weekly Loss
Dogecoin moved sharply lower on Saturday, trading around $0.1012 after losing 13.13% in the past 24 hours and closing to 19% over the week, according to market data from CoinMarketcap.
The decline has pushed the meme coin back into a price area that has historically acted as a major turning point, drawing attention from both short-term traders and long-term market watchers.
Crypto trader Erick Crypto stated on January 31 that Dogecoin is close to an important demand zone at $0.11. Looking at the short-term price movements, it can be seen that the price cleared the liquidity in the selloff, and then a base was formed.
In the past, this has been seen before in relief rallies when market conditions improved. If the buyers hold this area, the traders will look for potential upside breaks around $0.14, $0.18, and $0.22.
These areas correspond to the previous price congestion points where the selling pressure was seen earlier. However, this scenario is quite weak, and any break below the current levels will be detrimental to the short-term recovery.
Dogecoin Weekly Chart Signals Ongoing Bear Cycle Risk
On a longer time horizon, TradingShot stated on January 27 that Dogecoin appears to be in a new bear market. The current price is currently using the 1-week MA350 as support.
This moving average has held strong since the October 2025 flash crash and also indicated the bottom in previous bear cycles. As it is a long-term level of support, it is a significant level to consider for cycle-based analysis.
If the price falls below this level, it may initiate a larger period of consolidation. In the past, Dogecoin has dropped into a long period of little price action around the $0.0600 to $0.0350 level after losing important weekly support.
Long-Term Cycle Structure Remains in Focus
Even with the recent downturn, the long-term charts of DOGE/USD indicate that the price is still following a rising logarithmic trend channel that dates back to 2014. This indicates that Dogecoin follows cycles of growth and decline.
Before, the cycle tops occurred near the top of this channel, and the large bottoms remained near the bottom of the channel following drops of as much as 90%.
Currently, the price is reacting to key Fibonacci levels of 0.5 to 0.618 of the major move. In the past, this region has been a zone where the price either holds and continues in the major trend or moves down to the bottom of the channel.
Also Read: Dogecoin (DOGE) Price Prediction: February Surge Hinges on $0.12 Support Level
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