In the three days leading up to Halloween, the Dogecoin market experienced a massive sell-off, with multiple 'whales' concentrating their sell-offs, totaling about $440 million worth of Dogecoin sold, severely undermining market confidence in a strong performance in November.
Previously, the market had hoped that this popular meme coin could continue the upward trend of 'Uptober', but this expectation has not been realized. Pessimism has continued from October into the new month, with even some long-term staunch holders choosing to exit.
The selling pressure from these key large holders has made it difficult for the bulls to maintain the critical support level of $0.18, thereby disrupting the previously formed ascending channel structure — this pattern was originally expected to drive the price up to the range of $0.26 to $0.33. Currently, the next important structural support level has moved down to around $0.07. If the price falls back to this level, it would mean a significant retracement of recent gains and a return to levels prior to the start of this bullish market.
So, is Dogecoin facing a complete collapse?
Despite the market's low sentiment, some analysts believe that Dogecoin may be poised to gain support early. Historical data shows that around 0.12 and 0.09 have been strong demand areas, which could become a buffer zone for price corrections, controlling the decline at around 30% and 50% respectively—especially when some momentum indicators show that selling pressure has eased.
From a technical perspective, the MACD histogram has broken below the signal line, indicating that a new round of downtrend is forming; while the RSI is approaching the oversold line at 30, which has historically been a turning point for Dogecoin's price rebound.
If the price can stabilize and rebound in this area, the current downtrend may be reversed, and the upward channel structure is expected to recover. Once buying momentum strengthens again, a rebound of up to 190% cannot be ruled out, with target prices potentially looking at 0.50.
This expectation is also supported by the fundamentals:
If the U.S. continues to implement interest rate cuts, it will help enhance market risk appetite, and if a spot Dogecoin ETF is established, it may introduce new capital inflows to this meme asset.#狗狗币持续看涨看好飞上月球🚀🚀🚀🚀🚀🚀🚀
