Dogecoin fell 3.29% in 24 hours as analysts watch if $0.073 support will hold

Dogecoin, one of the most prominent meme coins, declined by 3.29% over the past 24 hours to trade at $0.07444. Following this pullback, market participants are closely monitoring whether Dogecoin can maintain a key support level. The daily trading volume totaled $1.40 billion, while Dogecoin’s market capitalization now stands at $12.69 billion, representing about 0.61% of the total cryptocurrency market.

$0.073 emerges as critical short-term threshold

According to crypto analyst Ali Martinez, the TD Sequential indicator on the Dogecoin price chart has issued a buy signal. This development could mean that downward pressure is losing momentum in the short term. Martinez highlights that the main level to watch is $0.073, which will determine whether the price can rebound toward $0.081.

Should Dogecoin fall below this support, analysts warn that the current bullish scenario may no longer be viable. TD Sequential, widely used in technical analysis, aims to identify possible turning points after extended price moves. While not a guarantee of reversal, it often highlights areas where renewed buying interest has emerged in the past, making it an important tool for traders.

Glossary: The TD Sequential is a technical analysis indicator used to identify exhaustion and potential turning points in the market. It issues buy or sell signals based on the sequential order of price action.

Monthly chart signals potential weakness

Another market analyst has pointed out a more cautious picture on Dogecoin’s monthly chart. According to this analyst, Dogecoin has dipped below its 100-month moving average, which had acted as support for the past four months. If the monthly candlestick closes beneath this average, it may signal confirmation of a broader downtrend.

In this scenario, Dogecoin faces the risk of sliding as low as $0.058. This level notably marks the upper boundary of a four-year support region and coincides with an 11-year trendline of higher lows. Historically, this trendline has corresponded with key bottom formations in previous market cycles.

Outcome at support could dictate next move

Support levels in technical analysis represent areas where buyers and sellers are concentrated. As long as Dogecoin trades above $0.073, buyers are seen as defending this area; however, a breakdown below it could trigger increased selling pressure. Whether this support holds or fails is expected to play a key role in shaping upcoming price action.

Additionally, where the monthly close lands is seen as particularly significant for the rest of the current market cycle. Despite short-term buy signals from indicators, the presence of broader weakness on longer timeframes has prompted investors to closely monitor both the support levels and the closing prices.

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