Descending Channel Tightens With DOGE Below $0.14

• DOGE remains locked in a descending channel, with Supertrend resistance holding near $0.140.
• Short-term stabilization above $0.118 shows defense, but rebounds lack follow-through.
• Falling open interest and long liquidations point to risk reduction, not accumulation.

Dogecoin price today trades near $0.123, stabilizing just above short-term support after weeks of persistent selling pressure. Price remains locked inside a descending channel on the daily chart, keeping sellers in control as buyers struggle to force a trend reversal heading into the final trading day of 2025.

Descending Channel Defines The Broader Structure

On the daily chart, Dogecoin remains trapped inside a well-defined descending channel that has guided price lower since October. Each recovery attempt has stalled below the channel midpoint, reinforcing a pattern of lower highs and weak follow-through.

The Supertrend remains firmly bearish near $0.140, well above current price, while Parabolic SAR dots continue to track above candles. This alignment confirms that trend control has not shifted back to buyers. As long as DOGE trades below the upper channel boundary and the Supertrend level, rallies remain corrective rather than trend-forming.

Immediate support sits near $0.120 to $0.118, a zone that has repeatedly attracted short-term bids. A clean daily close below this area would expose the lower channel target near $0.105 to $0.100, where prior demand emerged earlier this year.

Short-Term Charts Show Attempted Stabilization

Lower timeframes show DOGE attempting to stabilize after last week’s selloff. On the 30-minute chart, price is holding above a rising intraday trendline while trading near the session VWAP around $0.123. This suggests short-term buyers are attempting to defend value, though conviction remains limited.

RSI on the intraday chart has recovered toward the mid-50s, signaling a pause in downside momentum rather than a bullish shift. Each push higher has met selling pressure near $0.125 to $0.127, keeping price capped beneath short-term resistance.

For bulls to gain traction, DOGE needs sustained acceptance above $0.128, which aligns with recent VWAP and intraday supply. Failure to reclaim that zone keeps the market vulnerable to renewed selling.

Derivatives Data Signals Risk Reduction

Derivatives data reinforces the cautious tone. Open interest has declined 3.5% to roughly $1.45 billion, signaling that leveraged traders continue to reduce exposure rather than position for a rebound. This steady unwind suggests the market is de-risking rather than preparing for an upside breakout.

Volume has increased over 22%, yet the rise has not translated into higher prices. That divergence typically reflects distribution, where activity increases during selloffs rather than accumulation phases.

Liquidations remain skewed toward longs across multiple timeframes, with over $2.5 million wiped out in the past 24 hours. That imbalance shows traders were still leaning bullish into resistance, allowing sellers to press price lower with limited opposition.

Sentiment Remains A Headwind

Market sentiment adds another layer of pressure. The Fear and Greed Index sits at 24, signaling extreme fear across the crypto market. Over the past 30 days, Dogecoin has posted green closes on just 37% of sessions, highlighting the persistence of selling pressure throughout December.

This environment limits aggressive dip-buying. When fear dominates and rallies fail to reclaim key technical levels, markets often drift lower or remain range-bound until a clear catalyst emerges.

Outlook. Will Dogecoin Go Up?

Dogecoin remains in a defensive posture heading into December 31.

• Bullish case: DOGE holds above $0.118 and reclaims $0.128, followed by a daily close above $0.140. That would signal a break from the descending channel and open room toward $0.155.
• Bearish case: A daily close below $0.118 confirms continuation lower, exposing $0.105 and $0.100 as the next downside targets.