Dogecoin Price In A Do or Die Situation, Will DOGE Bulls Charge Back?

Key Notes

• Dogecoin price 50-day and 200-day EMAs have formed a “Death Cross,” confirming weakening momentum.
• DOGE whales have offloaded roughly 1.05 billion DOGE, worth over $180 million, in the past week.
• Some analysts remain optimistic despite the selloff, projecting 800% upside for DOGE in the current market cycle.

The world’s largest meme coin Dogecoin (DOGE) has come under a strong bearish grip, falling 7% over the past week, and is currently flirting with $0.18. Furthermore, the daily trading volume for DOGE has tanked by 51%, and is currently at $1.34 billion. Market experts believe that the Dogecoin price is currently in a do-or-die spot.

Dogecoin Price Tests Final Support Before Crash

Crypto analyst Ali Martinez highlighted that $0.18 is a key support level for Dogecoin price. According to Martinez, maintaining this level could pave the way for a potential rebound toward $0.26 or even $0.33 in the near term.

Furthermore, the Dogecoin price chart clearly highlights mounting selling pressure with signs of clear weakness. DOGE has flashed a major bearish signal as its Exponential Moving Averages (EMAs) formed a Death Cross.

This crossover occurs when the 50-day EMA drops below the 200-day EMA, confirming weakening upward momentum. The development suggests Dogecoin could be increasingly vulnerable to broader market downturns. As investor confidence softens, analysts warn of rising volatility that may further pressure the asset’s price.

Furthermore, on-chain data indicates that whale investors have started offloading large volumes of DOGE. Over the past week, whales have sold approximately 1.05 billion DOGE, valued at more than $180 million.

Notably, addresses holding between 10 million and 100 million DOGE began reducing their positions on October 27, offloading about 800 million DOGE.

Investors Still Bullish for DOGE Rally to $1.7

With the crypto market currently on a downward slope, bears are having an upper hand at the moment. However, some market analysts continue to maintain optimism.

Crypto market analyst Bitcoinsensus still believes that the Dogecoin price rally could start from here, while projecting exponential gains from here onwards. According to the analyst, DOGE’s historical price patterns indicate a repeating uptrend, with previous rallies recording gains of 300% and 500%.

The current cycle, they noted, could extend that move further, with projections pointing toward an 800% increase. Bitcoinsensus set a target price of approximately $1.70 for DOGE if the pattern continues to unfold.

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