Dogecoin price: analyst points to crucial support zone around $0.08

Dogecoin is currently at $0.07, up 5.3% in the past 24 hours. While several older memecoins are showing signs of life, according to analyst DaanCrypto it is wise to keep a close eye on the largest of the group. He sees a clear level that Dogecoin must reclaim to show strength.

Dogecoin is available at OKX and Bybit.

Return to $0.08 as a Signal

On the three-day chart, it is clearly visible that the price of Dogecoin has fallen sharply in recent months. After a peak above $0.26 at the end of 2024, the price has been steadily declining towards lower levels. On the chart, DaanCrypto marks the level of approximately $0.08044 as an important threshold. If the price manages to reclaim that point, he sees it as a so-called “Sign of Strength”.

Currently, Dogecoin is trading just below that level, around $0.0733. The recent rally of over 5% is encouraging, but the coin still needs to take another step to actually break through the key resistance level. This fits into a broader market context where the crypto market capitalisation remains stuck around a crucial moving average.

Long-Term Support as an Alternative Scenario

If Dogecoin fails to climb above $0.08, DaanCrypto points to an alternative scenario. On the chart, a wide green zone is visible around $55 to $61. That zone historically acts as strong support on higher timeframes and, according to the analyst, is suitable for long-term accumulation or positions in a bear market.

It is now a waiting game to see which scenario unfolds over the coming week or weeks. The analyst indicates he is actively monitoring the situation and keeps both scenarios open. The next few days are therefore crucial for the direction of Dogecoin.