The crypto market saw substantial profit-taking following a robust week

The crypto market saw substantial profit-taking following a robust week, leading to major coins, including Dogecoin plunging by more than 7%.

Bitcoin's price dropped sharply on Friday from a high of $111,200 to just over $107,000, as investors weighed macroeconomic concerns. The world's largest cryptocurrency slid 5% over the past 24 hours, bringing it close to a possible retest of the former support at $106,000.

Dogecoin price today slid 6% amid bearish pressure but held support near $0.227. High-volume buying and investor confidence suggested a potential rebound.

On May 24, 2025, DOGE fell from $0.238 to $0.227 over 24 hours but stabilized at strong support, forming a consolidation zone. Volume surged during the 23:00 hour, with 643 million traded—well above average—signaling buyer defense.

Despite a bearish channel, buyers stepped in repeatedly at $0.227, suggesting confidence even amid global market headwinds. Global economic uncertainties and trade policy shifts are creating ripple effects across cryptocurrency markets, with Dogecoin showing resilience despite recent downward pressure.

The meme coin has formed a clear bearish channel with resistance at $0.236, though strong buying emerged at support levels, indicating investor confidence remains despite broader market concerns.

Dogecoin price slid further after a week of gains

Dogecoin price slid 6% despite holding support at $0.227.

The meme coin is currently consolidating between $0.21 and $0.259 following a significant rise earlier in May.

Dogecoin is still attracting speculative interest. According to Glassnode, while speculative appetite is surprisingly subdued among the top 10 coins, Dogecoin's funding rate is slightly above neutral.

The meme coin slid 6% amid bearish pressure but held support near $0.227. High-volume buying and investor confidence suggested a potential rebound.

Volume surges during the 23:00 hour signaled buyer defense, while the 24-hour total approached 3.6 billion, far above the average, indicating heightened activity.

This signaled strong technical interest in the price band, which had formed a consolidation zone as DOGE fell from $0.238 to $0.227 over 24 hours and stabilized at support.

Despite a bearish channel with clear resistance at $0.236, rendering attempts to break higher futile, strong buying emerged at support levels.

This signaled that despite global market headwinds and a decline in the past 24 hours, meme coin price showed performance over the past week.

Dogecoin shows investor confidence despite dip

The meme coin surged from a low of $0.16428 in May to a high of $0.259 on May 23, breaking through a significant resistance level around $0.22 that had capped its growth since late April.

This breakout is part of a broader market sentiment shift towards bullishness, with several major altcoins also seeing gains. Technical analysis indicates that Dogecoin still has significant potential for price growth this year, with cycle analysis suggesting it could reach $3 before the end of 2025.

InvestingScope’s technical analysis on TradingView highlights that Dogecoin has rebounded from the 1M MA50, a long-term moving average significant in its past explosive rallies. Dogecoin’s price action since its launch in December 2013 has shown three major cycles. The first two cycles led to new price highs, with the meme coin rebounding off the 1M Moving Average 50 in September 2017 and February 2021.

In both cases, these rebounds preceded significant price surges of over 2,400%. Dogecoin is currently trading at $0.2279. The chart suggests that this setup has returned in 2025, with the monthly MA50 acting as support around $0.13.

The similarity in the price structure raises the possibility of repeating the bullish cycle that previously carried Dogecoin from below $0.002 to $0.73. If this pattern holds, Dogecoin could see a parabolic rise above $3 by the end of the year. The $3 target is based on an average cycle rally of 2,600%.

Previous rallies followed an accumulation phase near the 1M MA50, followed by a sudden price explosion. The first rally in 2017 pushed Dogecoin’s price from $0.0007 to $0.01827 in two months, a 2,824% return. In 2021, the bounce off the 1