Dogecoin (DOGE) Battles Below Key Technical Level: Is $0.08 the Next Stop?

Dogecoin's price action hits a critical juncture, trading beneath a major technical indicator that often signals trend direction.

The Cloud Hangs Heavy

The meme-inspired cryptocurrency finds itself trapped below the Ichimoku Cloud—a comprehensive technical analysis tool that combines multiple indicators to gauge momentum, support, and resistance. A sustained position here typically suggests bearish pressure is mounting.

Where's the Floor?

With the cloud acting as a ceiling, analysts are eyeing the next potential level of support. The focus has shifted downward to the $0.08 mark, a psychological and technical line in the sand that could be tested if current selling pressure holds. It's a classic chartist narrative—when one level breaks, the market goes hunting for the next.

Sentiment in the Balance

The struggle highlights the ongoing tension between Dogecoin's robust community support and the hard realities of technical market structure. While 'diamond hands' and social media hype can provide temporary lifts, price often reverts to the cold logic of the charts—much to the chagrin of investors who think a funny dog is a fundamental analysis.

Watch the cloud. A break back above could signal a reprieve, but failure here sets the stage for a deeper probe toward that $0.08 target. In crypto, sometimes the trend isn't your friend—it's just a line on a screen telling you you're wrong.

Dogecoin Critical Support Levels Under Pressure

Analysis from More crypto Online states that “DOGE remains a ‘falling knife’ with no indication yet that wave B is finished,” and fast support is expected at $0.096 and $0.08. “Failed support” here may unleash further declines to $0.03-$0.02, corresponding to long-term Fibonacci extensions.

The current scenario is based on Elliott Wave principles. The scenario indicates that DOGE is undergoing a complex ABC correction pattern as part of a broader wave (iv).

Wave B ended up at approximately $0.12. The first large zone of demand is being tested at $0.09-$0.10. This is expected to bounce, but traders should wait for a favorable small movement.

Source: X

Long-Term Outlook Remains Volatile but Potentially Positive

In terms of a bigger-picture outlook, it appears DOGE has made its initial rapid moves and approached a high of around $0.75-$0.80. Following a rejection against those levels, a bigger pullback phase is in effect for DOGE’s current price.

Based on a possible continuation of a strong level of support, wave iv may be finished, which can initiate wave v with a rest phase and a gradual increase to levels around $0.20-$0.30.