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Dogecoin continues to slide lower, but has now reached price levels that hold historical significance.
The Dogecoin ($DOGE) price struggles mirror a broader market downtrend. With Bitcoin sliding below $63,000 amid Strategy’s STRC preferred stock’s drop to $84 on Thursday, the crypto sector has followed suit.
The meme coin is down 1.3% already at the time of writing, building on its nearly 3% drop on Thursday. Since this week, $DOGE has dropped 7%, as bears remain in full control of the market. Meanwhile, the meme coin is now approaching a zone that once sparked a price recovery.
Dogecoin at Historical Accumulation Zone
On the weekly chart, Dogecoin has drifted back into a price region that once acted as a foundation for a major price move. Since dropping to $0.080 in early February, the token appears to have started forming a price range.
Its price rebounded to $0.118 in May, but faced selling pressure there, forcing a retracement. Now, Dogecoin has retested the support level near the February lows. In the first week of June, $DOGE slumped to $0.077 before bulls stepped in to prevent further downside.
Currently, it trades at $0.082, still around this key weekly support. This places the meme coin at a critical point in its long-term structure.
Notably, the current setup resembles a previous period when $DOGE spent months consolidating near a multi-year support before eventually breaking into a stronger upward trend.
For context, between May 2022 and February 2024, prices remained close to the lower boundary of a broad accumulation range. Dogecoin hovered around the $0.050 support before eventually breaking out to December 2024’s high of $0.484.
Long-Term Support Remains Intact
What stands out is that Dogecoin continues to respect the current support around $0.080. Despite the current price weakness, every downtrend has ultimately found relief near this zone, preventing a deeper structural breakdown.
$DOGE broke above the current support in February 2024 and has since not fallen below it. Notably, a quick pullback in August 2024 ended in a lower-price rejection. The asset is again testing an area that has historically attracted long-term accumulation.
Interestingly, similar conditions occurred before the recovery in the previous cycle. The extended periods of weakness gradually gave way to renewed momentum because Dogecoin did not lose key support levels.
Dogecoin Breakout Targets Higher Prices
If this $0.080 support area continues to hold, the focus will shift toward whether $DOGE can reclaim higher resistance levels and establish a new upward trend. A decisive move away from the current range to reclaim key moving averages is a good start.
One of the important resistance levels to watch for long-term recoveries is the March 2024 high of $0.228, a 178% growth from here. Another one is the September 2025 high of $0.306, representing a 273% increase from the current price.
An 802% price surge to the current all-time high of $0.74 is a possibility if bullish momentum sustains. Meanwhile, the $1 dream could still come true. If the broader market enters a prolonged uptrend and the 2021 market conditions repeat, $DOGE could explode by 1,120% to the long-anticipated price level.
coindesk.com
u.today
beincrypto.com
